News and Press Releases

Memphis Woman Receives Prison Time and Is Ordered
to Pay $1.3 Million Dollars in Restitution

FOR IMMEDIATE RELEASE
March 29, 2011

Memphis, TN - Ann Edwards, 39, of Memphis, a former employee of Associated Realty Services, Inc.
(ARS), was sentenced on March 28, 2011 by Judge Bernice Donald to 42 months in prison and ordered
to pay restitution totaling $1,303,882.19. Edwards pleaded guilty in November 2010 to a felony charge
of bank fraud.

According to the Indictment, from May 2004 until May 2008, Edwards, working as an accounting
specialist for ARS – a private management firm under contract to manage several HUD-funded apartment
complexes in Shelby County, Tennessee – embezzled approximately $1.3 million from ARS HUD-funded
bank accounts by manipulating accounting software programs to issue checks made out to her maiden
name, Ann Woods, and to falsely reflect that these checks were going to legitimate vendors of the HUD-funded complexes. During the relevant time period, Edwards forged authorizing signatures on
approximately 500 checks totaling approximately $1,303,882.19 and deposited the checks into her own
bank accounts. Edwards would then use these funds for her own personal benefit and gain – including
numerous casino cash withdrawals.

The case was investigated by the United States Secret Service and was prosecuted by Assistant United
States Attorney Stephen Hall.

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