Chapter 15 - THE PROPERTY SALE
The $6.2 million apartment-property sale became Clarice’s financial case.
Not the entire $24.6 million audit.
Specific.
Independent evidence showed:
She knew zoning discussions could increase value.
She directed the appraiser not to include “speculative entitlement upside.”
That alone might be defensible.
Then an email:
Once inside my LLC, we can pursue the rezoning without descendant review.
Worse.
Another:
Need closing before age-five verification starts reopening files.
There.
Intent.
Prosecutors charged:
Fiduciary fraud.
False certification.
Related-party nondisclosure.
Not grand theft of the entire company.
Clarice’s private LLC returned the property to Caldwell Residential under civil settlement rather than litigate title.
She received documented improvement costs.
No windfall.
The company later sold at market after rezoning.
Financial loss largely recovered.
Clarice was convicted on false certification and one fiduciary-fraud count.
Acquitted on a broader conspiracy count involving reserve expenses because prosecutors could not prove every expense was part of the same scheme.
Correct.
Permanent fiduciary ban.
Additional restitution.
May you like
Sentence partly concurrent with child-abuse case.
Justice did not need infinity.
