Published: Aug 17, 2012 12:07 PM EDT

OSPREY, Fla.- The Sarasota County Sheriff's Office has arrested 69-year-old Charles Nichols, of 1817 Highland Rd., for taking thousands of dollars from the Osprey Homeowners Association.

An investigation found that Nichols, who was the association treasurer between 2007 and 2011, issued himself at least 33 checks totaling $7,448 without any legitimate reason or known business purpose. The current president of the HOA told detectives these actions left the association deeply in debt, but once control was taken away from Nichols the financials were restored and accounts are now in good standing.

Nichols is charged with one felony count of Larceny, He was booked into the Sarasota County Jail Thursday and released after posting $1,000 bond.