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UPDATE: Jail records show the ex-president of the Turnberry on the Green condominium in Aventura since 2008, was finally released from jail Tuesday night.
62-year-old Gregori Arzumanov posted bond on Monday after proving the proceeds were not a result of a crime.
Authorities are also confirming that more arrests are expected to be made in connection with the case.
Arzumenov is accused of embezzling $1.5 million from residents of Turnberry on the Green and now he free to return home to the community where the alleged theft occurred.
He faces several charges, including racketeering and money laundering, and was being held on a $350,000 bond.
The court agreed to allow the defendant to use "clean" money from his stepdaughter's bank account. The concern was that he would use proceeds from his alleged crimes to pay bond.
More than 375 condo owners live in the 28-story posh condo in Aventura where unit prices range from $380,000 - $725,000 and rentals range from $2,350 - $5,000 a month.
“It turns out that there was trouble in paradise,” said Rundle. “In those positions of trust, he had the ability to spend money for things, theoretically, that was for the association, but what he did was, he actually bought things that, we believe, were for himself.”
She says he was on the Board since 2008, rigging votes, embezzling funds, collecting a salary of $80 thousand a year, and had rental payments going to his dead mother.
Arzumanov allegedly stole $1.5 million over seven years from the Turnberry on the Green Condo Association, according to the state attorney.
During his tenure, Arzumanov was the association's president since 2008 as well as property manager and chief engineer.
Arzumanov did not comment on the case as he left the jail and has pleaded not guilty to all charges.