AVENTURA, FL. (WSVN) – Police on Tuesday arrested the president of an Aventura condominium who officials say is accused of money laundering and grand larceny.

Cell phone video captured Gregori Arzumanov, chairman of Turnberry on the Green Condominium, 19501 W. Country Club Drive, being handcuffed as Aventura police led him away.

Officials say Arzumanov, 62, allegedly stole about $1.5 million from the association and took over all the top positions in the condominium so he could steal freely.

According to the arrest report, Arzumanov is also charged with racketeering, organized fraud and credit card fraud.

On the condo’s website, Arzumanov claims he has been chairman of the board since 2008 and claims he saved the condo from bankruptcy.

7News spoke with a resident of the apartment who was pleased to learn Arzumanov was arrested.

“I don’t know many details, but I can tell you that we lived a daily nightmare and were persecuted daily by the completely corrupt authority,” said Thais Penezri, a local resident. “We are very happy. We are very happy and hope the law changes after everything we have been through here over the last 15 years.”

Miami-Dade State Attorney Katherine Fernandez Rundle, Aventura Police Chief Michael Bentolila and Aventura Mayor Howard S. Weinberg held a news conference Tuesday afternoon and released more details about Arzumanov’s arrest.

“This has been a four-year investigation. He committed these crimes for much longer. I must say to all the residents and victims of this building that we have felt your pain all along,” Bentolila said. “I apologize that it took so long, but this was a complicated fraud case where he took over not just the building, but everything that happened around the building. All assets used in and around the building. It was a complete takeover. I’ve never seen anything like this in my entire career.”

Officials said Arzumanov managed to hold three key positions on the property: HOA president, property manager and chief construction engineer.

“It turns out there was trouble in paradise,” Rundle said. “In those positions of trust he theoretically had the ability to spend money on things that were intended for the club, but what he did was he actually bought things that we felt were intended for himself.”

Officials said Arzumanov’s biggest moneymaker was starting a security company, then hiring that company and overcharging the condo corporation, raking in hundreds of thousands of dollars a year.

Arzumanov is accused of using stolen money to buy food, groceries and even works of art. As part of an alleged money laundering scheme, he made payments to his mother using the name “Rent,” but she had been dead for years, police said.

He was taken to prison on Tuesday and investigators said he may soon have familiar company.

“Anyone who may have worked with him has the opportunity to contact our detectives or the prosecutor’s office to cooperate with us. But that is a very small window. If you don’t accept it, we will be at your doorstep and will arrest you too,” Bentolila said.

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