Management company owner sentenced to prison
William Kyndall Francis built his property management business from his basement, growing it to 100 employees before he was caught stealing from clients. Francis, 39, was sentenced in U.S. District Court in Baltimore on Tuesday to 42 months in federal prison after pleading guilty to wire fraud. Authorities say he took money from at least 51 homeowner and condominium associations that had hired his firm to provide financial and property services. Francis, who owned Columbia-based Legacy Investment and Management Inc. and Legacy Investment and Management LLC, spoke at length in the courtroom. He expressed remorse to the victims, who authorities said lost $2.5 million in funds intended for savings or money-market accounts, and to cover their long-term and unexpected capital expenses. He asked District Judge Ellen L. Hollander for a lesser sentence for the sake of his two children. Hollander said Francis’ statements were moving and thoughtful. Her sentence was less than the 51 to 63 months recommended by the U.S. Attorney’s Office. But she said the large amount of money involved warranted more than the 24 months that Francis’ attorney sought.