Former Lake of the Woods Association (LOWA) financial manager Roy C. Mayberry remains in jail as he awaits a weeklong jury trial set for October. Last Friday, Mayberry pleaded not guilty to 15 charges—including money laundering and embezzlement—after officials say he stole more than $450,000 during his tenure with the east Orange County homeowners association.
Mayberry, 46, was indicted and arrested in March. He is accused of eight counts of money laundering and seven counts of embezzlement of funds from the homeowners’ association over a four-year period. He was arrested at his Stafford home and is being held without bail at the Central Virginia Regional Jail.
During his arraignment Friday, Mayberry pleaded not guilty to all the charges and requested a jury trial. A weeklong jury trial is scheduled to begin October 21.
According to investigators, Mayberry began embezzling money in June 2014 and continued to transfer LOWA funds to personal accounts through January 2018.
During his testimony at a bond hearing in March, Orange County Sheriff’s Office investigator Ryan Brown said Mayberry had admitted to the theft and had paid back $87,000 to the association last summer. Brown said over several months of investigations, he believed the total amount Mayberry embezzled was $457,197, but that the investigation was ongoing.
Meanwhile, according to a news release from LOWA, it hired an accounting firm to perform a forensic audit, which revealed 95 unauthorized transactions totaling $457,134. The home association filed an insurance claim with its fidelity bond insurance provider and has since been reimbursed $369,000.
Brown testified Mayberry admitted to using the embezzled funds “for life,” and that the defendant falsified documents to internal auditors to hide his actions. Financial records show the money was used for food, mortgage payments and utilities, he added.
According to an affidavit Brown submitted for a search warrant in Stafford, Mayberry told police his mother became terminally ill in May 2017 and he began stealing because the expenses associated with her illness were beyond his means. However, court records reveal offense dates between 2014 and 2018. Mayberry’s mother died in December 2017.
Brown said through his investigation he was able to determine approximately $82,400 of the money embezzled went to Security Solutions of Fairfax, Mayberry’s former employer. The investigator told the court the money the defendant was giving Security Solutions was to pay back money Mayberry had embezzled from the company while he was employed there. Brown said he’d been in contact with that company, which stated it didn’t report the offense to police.
According to Judge Dale Durrer, the maximum sentence for the 15 felonies is 460 years in prison and more than $4 million in fines.