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GREENSBORO — Nearly $400,000 is missing from the accounts of seven homeowners associations, and police have charged the co-owner of a property management company with felony embezzlement.

David Wayne McKinney, 66, of McKinney Management Services has been charged with stealing money from the accounts of groups representing hundreds of property owners. The homeowners associations include The Nottingham, The Glen, Eastchester Village and Tredegar.

McKinney — who had overseen some of the condos, townhouses and single-family properties for as long as a decade — faces two felony counts of embezzlement and two felony counts of obtaining property by false pretenses.

The victims said they found out their policies did not cover alleged wrongdoing by McKinney.

“I know it’s going to make some of the homeowners feel a little better — yeah, it’s nice that he got arrested and he’s got to pay for this in one shape or form. But if absolutely nothing had happened to him, I can’t say I’d feel any different,” said David Freeman, president of the Eastchester Village association, which includes more than 100 families.

“It happened and everybody in the association is going to pay for it.”

McKinney, who has a Jan. 4 court date, could not be reached for comment Tuesday.

The telephones at McKinney Management Services at 304 W. Fisher Ave. have been disconnected.

No other employees have been charged.

The broker licenses for McKinney and McKinney Management were revoked in January based on mismanagement allegations involving rental properties, according to the N.C. Real Estate Commission.

An IRS lien, also placed on the property in January, is at $90,000, according to the N.C. Secretary of State’s website.

The punishment for each of the criminal charges ranges from 44 months to 19 years, according to Assistant District Attorney Howard Neumann.

“It is unusual for us to see one where the allegations involve this much money,” he said.

The associations found out about their losses in April.

Some had been saving for projects.

Warrants said the losses over three years include:

• $121,000 from the Tredegar Homeowners Association in Kernersville.

• $283,000 from the Riverview, Parkway Village, Nottingham and The Glen, Forest Park, Eastchester Village and Commons at Riverview associations.

“We never saw that coming,” said Bill Burns, president of the Nottingham and The Glen in northwest High Point.

The board’s officers never saw bank statements — a policy that has changed with the new company, Burns said.

“It just keeps everybody honest,” said Burns, whose association ended up with $415.

Contact Nancy McLaughlin at 373-7049 or nancy.mclaughlin@news-record.com