The real estate industry was shaken by the news of a significant embezzlement case involving Todd Butwinick, a former Chief Operating Officer (COO) at Century 21 Gavish Real Estate. As per the investigation documents obtained by 8 News Now, Butwinick is accused of stealing over $586,000 from his employer over a span of more than ten years. This revelation has sent ripples through the real estate community, raising concerns about internal financial controls within large companies.
A Decade of Deception: In-Depth Look at the Accusations
The allegations against Butwinick are extensive and intricate. As COO, he was in charge of various crucial financial aspects of the company, including payroll, commission, and other bank accounts. According to the documents, Butwinick exploited his position to pay himself additional commissions and a full salary, amounting to over $360,000. Furthermore, he reportedly neglected to withhold medical expenses, incurring further losses for the company. The investigators also accuse Butwinick of using a company credit card for personal expenditures, including almost $50,000 on miscellaneous items.
Legal Proceedings and Company Reactions
Following his arrest on November 24, Butwinick faces a serious charge of theft exceeding $100,000. He was released with the condition of regular telephonic check-ins and is awaiting a preliminary hearing scheduled for March. Meanwhile, the impact of these allegations on Century 21 Gavish Real Estate, a prominent Las Vegas-based company with several branches across southern Nevada, is substantial. The company’s owner, already grappling with the financial losses, has not publicly commented on the situation. Butwinick’s attorney has also remained silent, not responding to requests for comments.
In this developing story, the real estate community awaits further details and the outcome of the legal proceedings. The case underlines the importance of rigorous financial oversight in organizations to prevent such significant breaches of trust and financial misconduct.
