TUCSON, Ariz. (KGUN) – Elizabeth Gutfahr, the former Santa Cruz County treasurer, pleaded guilty Thursday morning federal embezzlement chargesmoney laundering and tax evasion.
Gutfahr was accused of stealing more than $38 million in Santa Cruz County money by transferring it to private bank accounts. Court documents allege she transferred more than $11 million from the county’s accounts to her own in one year alone.
Gutfahr will be released until her sentencing hearing, which will take place in February 2025. She has also agreed to restitution, ordered by a magistrate to repay as much of the more than $38 million in public funds. Additionally, part of that refund includes $10 million in penalties owed to the IRS.
Prior to the federal indictment, Gutfahr had been sued in civil court by Santa Cruz County. She cooperated with civil court efforts to recover the money, although a court-appointed trustee involved in real estate and real estate sales has reported that he can only recover about a third of the loss.
WATCH BELOW | Federal embezzlement charges against former Santa Cruz treasurer
Federal embezzlement charges against former Santa Cruz treasurer
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