Arizona’s state treasurer has pleaded guilty to embezzling more than $38 million to pay his expenses

A former county treasurer pleaded guilty Thursday to charges of embezzlement, money laundering and tax evasion after he stole more than $38 million in county funds between 2012 and 2024 to renovate his farms, buy at least 20 cars and pay personal expenses. he and his family.

Elizabeth Gutfahr served as the elected treasurer of Santa Cruz County, Arizona, from 2014 to April 12, 2024. During that time, she transferred funds from Santa Cruz County bank accounts to her personal account in -Wells Fargo Bank and Montreal bank account. , according to court documents.

“I wired Santa Cruz County funds from the County Savings Account and Checking Account for the purpose and as an integral part of carrying out this fraudulent scheme to fraudulently obtain funds for my personal use, all without authorization,” Gutfahr said, according to court documents. “I agree that I owe $38,712,100.00 in restitution.”

Gutfahr also used fake business accounts to help hide the money transfers to the Santa Cruz County bank account.

“These account names were false and fraudulent representations to intentionally conceal the fact that I was wiretapping Santa Cruz County funds to my Wells Fargo and BMO accounts to defraud County funds,” Gutfahr said, according to his plea.

Gutfahr’s attorney said in a statement that Gutfahr wants “to be held accountable for the damage he has done to Santa Cruz County.”

“He knows that by pleading guilty, and accepting the punishment he will face as a result, he is taking a direct step to take responsibility for his actions,” said Joshua Hamilton. “He’ll work to stay that way for the rest of his life.”

Gutfahr’s request demonstrates the Justice Department’s commitment to “eradicating public corruption at all levels of government,” said Principal Deputy Assistant Attorney General Nicole Argentieri.

“We expect public officials to act as public officials … not loot,” Argentieri said.

Gutfahr, who has since been released and had to surrender his passport, is scheduled to be sentenced on February 6, 2025. He faces up to 35 years in prison and must pay Santa Cruz County restitution and state taxes totaling $13,143,526. tax years 2014 to 2023.

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