Woman accused of stealing over $51,000 from Iowa City rental property owner

Iowa City police arrested a Las Vegas woman on charges of first degree theft in Iowa City after authorities say she failed to hand over funds to the owner of properties that she was in charge of managing.

Records indicate that Nancy L. Skay, 50, managed several rental properties in the area and collected damage deposits totaling $43,355.35 from January 2008 through January 2009. Skay  put the deposits into an account at Hills Bank and allegedly failed to turn over the funds to the owner of the properties.

Skay told the property owner that an Internet hacker had used her account to transfer out $95,000, and allegedly acknowledged through email exchanges she owed the money to the owner.

An investigation revealed that the bank account was not breached by a hacker, but by another account where the money was never available in the first place, Iowa City Police said.

Authorities say that Hills Bank was not holding Skay liable for the losses. Bank records indicate that Skay was misusing the damage deposit account for the rental properties by transferring funds in and out of her other accounts.

Skay is also accused of not turning over three rent deposits totaling $8,175.05 to the property owner in 2008, bringing the total of stolen funds to $51,541, Iowa City Police said.

Skay was arrested April 14 and was being held at the Johnson County Jail Tuesday morning. She is scheduled to be released on her own recognizance later today.

First degree theft is a class C felony, punishable by up to ten years in prison and a maximum $10,000 fine.