Report: Property Manager Killed Himself After Admitting to Theft

At least $400,000 was embezzled from a Toms River condominium association by its property manager who police said admitted to stealing the money before killing himself, according to an Asbury Park Press report.

The report says that Alan Appel, 70, the president of Saratoga at Toms River, was the prime suspect in a criminal investigation after an annual audit found financial discrepancies.

At a July 25 emergency board meeting, Chief of Police Michael Mastronardy said Appel admitted to taking the funds, which may have been gambled in an Atlantic City casino.

Less than a week later, Appel apparently killed himself at a Garden State Parkway rest area in Galloway, according to the Asbury Park Press. The investigation is ongoing.