A Northern Virginia man was charged with embezzling millions of dollars from a company that owns commercial real estate, a case that Fairfax prosecutors said is one of the largest in their office’s history.
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Carlos Camacho, who lives near the Kingstowne area of Fairfax County, was indicted on 15 counts of embezzlement and four counts of forgery, authorities announced Monday. The charges stem from a scheme to take out loans on and divert rental income from commercial properties owned by Fairfax County’s A&A Investments, said Fairfax County Commonwealth’s Attorney Steve Descano.
Camacho, who was a manager at the company and has family ties to the owners, netted more than $2 million from the “mom and pop” business between 2017 and 2020 and spent the money on personal expenses, Descano said. He declined to say what Camacho bought.
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Camacho could not immediately be reached for comment, and no attorney was listed for him in court records.
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Descano said Camacho was able to take out loans on the company’s commercial properties by forging power-of-attorney documents. His conduct came to light when banks notified A&A’s owners that they had liens on their properties related to the loans, Descano said.
Camacho was indicted by a grand jury in Fairfax County last week.
Descano said it is likely A&A’s losses could grow as prosecutors continue to comb through bank records.
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“Imagine running a small, family-owned business and building it up for years and then all of a sudden finding out you’re potentially on the hook for millions of dollars’ worth of loans and your regular income has been diverted, as well,” Descano said.
A&A owns about five commercial real estate properties in Northern Virginia, including a doctor’s office, Descano said. The company’s owners did not immediately respond to a request for comment.
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One of the owners of A&A has also filed a lawsuit against Camacho seeking more than $500,000 in damages, according to court records. That case is ongoing.
The Fairfax County prosecutor’s office has not regularly pursued large white-collar cases in the past, though federal prosecutors in Virginia often do. Descano, who is a former federal prosecutor, said it was important to send a message that the office was looking out for the county’s businesses.