William Kyndall Francis Sentenced in $2.5M HOA Heist

William Kyndall Francis, 39, of Elkridge, Maryland, is headed to federal prison for 42 months after stealing over $2.5 million from homeowner and condominium associations he was hired to protect. The theft, a brazen betrayal of trust, funded everything from strip clubs to NBA tickets while leaving dozens of community groups scrambling to cover long-term repair costs.

On Tuesday afternoon, U.S. District Judge Ellen L. Hollander handed down the sentence, ordering Francis to serve 42 months behind bars followed by three years of supervised release. Hollander also imposed a $2.5 million forfeiture judgment and $93,935.28 in restitution, a small dent in the total fraud loss of $2,573,753.92.

Francis owned and operated Legacy Investment and Management, Inc. and Legacy Investment and Management, LLC—both based at 10015 Old Columbia Rd. in Columbia, Maryland. The firms managed finances for over 50 HOAs across Maryland, D.C., and Virginia, handling reserve funds meant for roof replacements, elevator repairs, and emergency capital projects. Instead, Francis raided those accounts for personal indulgence and business survival.

From October 2011 to August 2012, Francis systematically looted client funds, fabricating bank statements to hide the theft. He funneled money to Dogtopia ($7,165.70), Delicate Touch Nails ($2,339), the Washington Wizards ($8,244.42), and adult clubs Bare Exposure ($1,000.01) and Pure Gold ($3,848.67). He paid $2,088.50 to A Platinum Plus Limousines, $3,700 to D.C.’s Shadow Room nightclub, and splurged on liquor, groceries, clothing, meals, and AT&T bills.

Legacy’s payroll drained another $40,025.07 from stolen reserves. The fraud spanned at least 51 HOA clients, all misled by falsified records that claimed their savings were intact and earning interest. In reality, their funds were evaporating on Francis’s whims and failed business bets.

The case was prosecuted by Assistant U.S. Attorney Kathleen O. Gavin and investigated by the FBI’s Baltimore Field Office. U.S. Attorney Rod J. Rosenstein praised the work, calling it a win for accountability in financial stewardship. The prosecution is part of the President’s Financial Fraud Enforcement Task Force, a nationwide crackdown that’s filed over 18,000 fraud cases since 2009. For more, visit www.StopFraud.gov.