A former executive of Stuart Co. has been charged with embezzling more than $630,000 from the Bloomington-based real estate firm.
Gail Ann Williams, 51, faces six counts of theft by swindle for allegedly transferring company funds to a personal credit card account in transactions dating to 2004, according to a complaint filed Thursday in Hennepin County District Court. Williams was an executive vice president who had worked at Stuart for 19 years until the company fired her after discovering the thefts in April, according to court documents.
The documents said Williams initially denied stealing the money when confronted by company officials, but later admitted embezzling the funds. She said she used the money to buy a variety of things, including a television, computer, clothes and plane tickets.
Lisa Moe, Stuart president and CEO, said Friday that the company is fully insured for the losses, which affected the parent company but not separate partnerships it has set up for its commercial properties. Founded in 1970, Stuart owns and manages about 4,900 apartment units in Minnesota, Wisconsin and Nebraska, including about 4,100 in the Twin Cities.