A woman who managed affairs for a northeast Raleigh homeowners association was charged Tuesday with embezzling more than $162,000 between March 2013 and this February.
Police accused Terasha Marie Weathersbe, 36, of 5520 Seaspray Lane in Raleigh. She surrendered Tuesday morning and was ordered held in lieu of $50,000 bail.
An arrest warrant charges that Weathersbe took $162,543.55 that belonged to the Peyton Hall Homeowners Association in the neighborhood of single-family and town houses off North New Hope Road.
According to police, the embezzlement began on March 8, 2013.
That was five days after paperwork filed with the North Carolina Secretary of State’s Office shows Weathersbe was made the official agent of the association.
The money was mismanaged until Feb. 3, according to the warrant sworn out by Detective M.J. Dimilia.
Police were contacted by the association president, Jayme Hoggard, when funds appeared to be missing, and paperwork filed with the secretary of state two days later fired Weathersbe as the agent.
Not long after Weathersbe became the association’s agent, the North Carolina Real Estate Commission suspended her provisional license as a real estate broker for three years.
Weathersbe was managing properties under another broker’s supervision when she “failed to remit rental proceeds and tenant security deposits or provide an accounting for the funds in a timely manner to her landlord client.
“The commission also found that Ms. Weathersbe failed to deposit a $4,000 cash rental payment to the trust account,” the commission said in its October 2013 Real Estate Bulletin.
The commission said Weathersbe and her unnamed broker-in-charge replaced the funds.
Weathersbe license suspension was effective for one year, and the commission stayed the other two years if Weathersbe met certain conditions through July 1, 2016.