Alan P. Gold, 65, of Chicago, has been charged with mail fraud after allegedly pocketing $154,271 from a North Side condominium association by submitting fraudulent fees and siphoning reserve funds meant for building upkeep. The indictment paints a picture of a trusted manager who exploited his position to bleed cash from unsuspecting residents over a four-year stretch.
According to a criminal complaint filed in U.S. District Court, Gold, owner of A.P. Gold Realty & Management Inc., was authorized to draw a flat $650 monthly fee for managing the Edgewater condo association’s finances. Instead, he routinely wrote multiple $650 checks in the same month and pulled additional unauthorized payments from the reserve account—funds strictly reserved for emergencies and capital improvements.
Between 2010 and 2014, Gold falsified records and issued phony monthly statements to conceal his theft, inflating account balances to hide the missing money. The association had no idea their manager was robbing them blind while billing for services never delivered, including collection of special assessments and utility payments.
Federal investigators allege Gold used the same playbook on at least eight other Chicago condo associations, skimming an estimated $750,000 in additional illicit gains. His access to bank accounts and control over financial reporting allowed him to operate unchecked for years, authorities say.
Gold was arrested on November 9, 2016, and appeared the same day before U.S. Magistrate Judge Susan E. Cox, who released him on a $10,000 personal recognizance bond. He faces one count of mail fraud, a charge that carries a maximum penalty of 20 years in prison if convicted.
The case was announced by Zachary T. Fardon, U.S. Attorney for the Northern District of Illinois, and FBI Special Agent in Charge Michael J. Anderson. Assistant U.S. Attorney Vikas Didwania is prosecuting. The government reminds the public that a complaint is not evidence of guilt—Gold is presumed innocent until proven otherwise in a court of law.
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Key Facts
- State: Illinois
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes
- Source: Official Source ↗
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