Johnstown woman arrested, accused of stealing $650K from HOAs

JOHNSTOWN — Sandra Oldenburg, 48, of Johnstown has been arrested by Johnstown police after a 16-month investigation into reports of fraudulent activity from multiple Northern Colorado homeowners associations.

Officers with the Johnstown Police Department, along with law enforcement partners from Fort Collins, Loveland and Windsor, executed numerous search warrants and recovered thousands of pieces of evidence linking Oldenburg, a representative and partner in Fort Collins-based Poudre Property Services, also known as RCE Inc. and NoCo Real Estate Solutions Inc., to a total theft of nearly $650,000​, police said. 

Oldenburg ​turned herself in to the Larimer County Sheriff’s Department​ on Oct. 29 and was booked into jail on a $5,000 bond.

According to a news release from the Johnstown Police Department, she will face

charges for numerous felonies and misdemeanors including theft, cybercrime, fraud by

check, second-degree forgery and money laundering.

Sandra Oldenburg and her husband Lee Oldenburrg filed for Chapter 13 bankruptcy protection in August 2023. But in April, U.S. Bankruptcy Court Judge Joseph Rosania refused to confirm the reorganization plan, the fourth filed by the Oldenburgs. Instead, he decided to place the bankruptcy on hold until after civil, and potentially criminal, matters were resolved.

Lee Oldenburg is a teacher at Severance High School.

Carlson Farms Homeowners Association filed an adversary court case in February 2023, claiming that hundreds of thousands of dollars were missing from HOA bank accounts, accounts that Sandra Oldenburg managed. Subsequently, other HOAs managed by Oldenburg and her company also reported the potential of missing money or at least the inability to get an accounting of their affairs. The River West P.U.D. Community Association in Larimer County also sued the company.

Dee Anne Menzies, president of the Rolling Hills Ranch Patio II HOA, and Diane Morris, representing the Rolling Hills Ranch Master HOA, told BizWest last spring that they have claims but lacked the ability to pay an attorney “because our money is gone.” Menzies said they were “cooperating with a detective on the criminal side.”

As many as 13 HOAs became aware of the bankruptcy action, and 10 of them were cooperating on the potential criminal side, she said.

“This case would not have been resolved without the dedicated work of our detective team,” Johnstown Police Chief Jeff Strossner said in a prepared statement. “I am so proud of their efforts, demonstrating Johnstown is a ‘Community that Cares’ and that our department is a ‘People First’ organization, providing exemplary police services to our hometown.”

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