Arizona county treasurer pleads guilty to embezzling more than $38 million

A former county treasurer pleaded guilty on Thursday to charges of embezzlement by a public official, money laundering and tax evasion after stealing more than $38 million in county funds between 2012 and 2024 to renovate her ranches, buy at least 20 cars and pay for personal expenses for herself and her family.

Elizabeth Gutfahr served as the elected treasurer of Santa Cruz County, Arizona, from 2014 through April 12, 2024. During some of that time, she transferred funds from Santa Cruz County bank accounts to her personal Wells Fargo Bank account and a Bank of Montreal account, according to court documents.

“I wire transferred the Santa Cruz County funds from the County’s Savings Account and Checking Account for the purpose and as an essential part of carrying out the scheme to defraud to fraudulently obtain the funds for my personal use, all without authorization,” Gutfahr said, according to court documents. “I agree I owe restitution in the amount of $38,712,100.00.”

Gutfahr also used fake business accounts to help conceal the transfer of funds from the Santa Cruz County bank account.

“These account names were materially false and fraudulent representations to intentionally conceal the fact that I was wire transferring Santa Cruz County funds to my Wells Fargo and BMO Accounts to embezzle the County’s funds,” Gutfahr said, according to her plea agreement.

Gutfahr’s attorney said in a statement Gutfahr wants to “to take responsibility for the harm she has caused to Santa Cruz County.”

“She knows that by pleading guilty, and accepting the punishment she will face as a result, she is taking a step in the right direction to be accountable for her actions,” Joshua Hamilton said. “She will work to remain on that path for the rest of her life.”

Gutfahr’s plea shows the Justice Department’s commitment “to rooting out public corruption at all levels of government,” Principal Deputy Assistant Attorney General Nicole Argentieri said.

“We expect public officials to serve as stewards of the government … not to loot it,” Argentieri said.

Gutfahr, who has been released and had to surrender her passport, is scheduled to be sentenced on February 6, 2025. She could face up to 35 years in prison as well as paying restitution to Santa Cruz County and federal taxes in the amount of $13,143,526 for the tax years 2014 through 2023.

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