DANVERS — The owner of a Lynnfield property management company has been charged with embezzling more than $15,000 from a Danvers condominium complex, and police are also investigating him in connection with thefts from other condo owners in Lynn. 

Frank Caruccio, 47, who lists an address at 375 Broadway, Lynnfield, pleaded not guilty Friday to one count of embezzlement by a fiduciary during his arraignment in Salem District Court. 

Caruccio owns a company called Capital Property Group. In 2017, the board of the Edmunds Cove Condominium Trust signed a two-year contract to manage their 13-unit development, a townhouse-style complex in Danvers, according to a police report. His services included collecting the monthly condo fee from unit owners. 

After the board opted not to renew his contract in 2019, citing dissatisfaction with his services, they noticed that he was taking some time to get their financial records back to the board members, according to Danvers Police detective Sgt. Eric Clarizia's report. 

Eventually, they turned to Bank of America for an accounting and discovered more than $11,200 missing from their account. 

Two of the unit owners in the complex had been making their $399 monthly condo fee payments electronically. Those payments were not being put into the condominium board's account. 

They also discovered more than $4,300 in unauthorized payments from the condominium's account, including more than $1,100 to a woman police believe to be Caruccio's girlfriend. 

They also saw payments made to the Lewis House Condominium, Clarizia said in his report. 

It turned out that Lynn Police detectives had been looking into issues at that complex, where the condo association's account had a zero balance and multiple vendors were owed approximately $60,000 in unpaid bills, Clarizia wrote.

Prosecutors did not request bail for Caruccio at his arraignment but asked Judge Matthew Nestor to order that he stay away from the Edmunds Cove complex and have no contact with anyone there while the case is pending. 

A probable cause hearing is scheduled for Aug. 19. 

Courts reporter Julie Manganis can be reached at 978-338-2521, by email at jmanganis@salemnews.com or on Twitter at @SNJulieManganis. 

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