FREEHOLD — Dominick Mullaney, whose company handled management responsibilities for a number of area properties, pleaded guilty to charges of theft by deception, involving misappropriation of funds.
Mullaney, 56, is the former president of Mullaney and Associates, a West Long Branch management firm that oversaw more than 40 properties in Monmouth, Middlesex and Ocean Counties.
Mullaney’s guilty plea involves the misappropriation of in excess of $75,000 from nine Monmouth County properties, a second-degree crime, according to Monmouth County Prosecutor John Kaye.
The actual amount was approximately $1 million from nine Monmouth County condominium associations, including in excess of $700,000 from the Riverview Towers cooperative apartment complex, 28 Riverside Ave.
"We discovered well over a million dollars," Kaye said. "We’re talking about a lot of money."
The charges facing Mullaney could have resulted in a 10-year prison term and fines up to $100,000 without the plea agreement.
Under the agreement, Mullaney will be sentenced to seven years on May 10, according to Kaye.
"Sentencing is based on dollar amount," he said.
Police have not recovered any of the missing funds, and Mullaney’s plea agreement does not involve restitution, Kaye added.
Mullaney was accused of wiring funds from accounts for Riverview Towers to accounts controlled by his company, without proper authorization.
"We are pleased with the verdict, as much as you can be, considering the misfortune of others," said John Austin, president of the Riverview Towers cooperative board.
Riverview towers is a 12-story complex of 150 apartments.
Riverview Towers is still currently embroiled in a legal battle with Two River Community Bank, Middletown, with whom Mullaney had accounts and may have deposited the absconded funds.