I-Team: Woman pleads guilty to massive thefts from 12 condo associations

CINCINNATI - A woman who helped run a condo association management firm pleaded guilty Wednesday to stealing $1.3 million from the upscale developments all over the Tri-State.

During a hearing Wednesday morning, Michelle Banks pleaded guilty to 12 counts of theft and admitted she stole money from a dozen of her clients while at ORP, the management company that Banks ran with Steven Sykes Valentino. The associations started bouncing checks in late 2009.

The I-Team revealed in an investigation that ORP had stopped paying bills for the posh Ingleside highrise in East Walnut Hills, the elegant Belvedere in North Avondale and the sprawling Lakewood Condominiums in West Chester, among many others.

Many of the associations had to assess homeowners thousands of extra dollars to make up their losses. Hamilton County Assistant Prosecutor Bill Anderson says he doubts much of that will be recovered.

Banks’ attorney, Mike Allen, says he’s hoping the sale of bars and restaurants Sykes-Valentino owned will deliver “substantial” restitution before Banks’ sentencing April 4.

In all, Banks pleaded guilty to three counts of grand theft and nine counts of theft totaling $1,348,812.55. She faces up to 27 and a half years in prison and $80,000 in fines, in addition to restitution.

Allen says Banks is destitute, living in one room of a barely heated home she’s about to lose. She will remain free until sentencing.

Tune in to 9 News at 6 p.m. for more information.