Peter Kontos, 36 of Newport Beach was convicted of embezzling over $500,000 from the condominium association where he lived. He was sentenced to 2 years in state prison for the theft from Villa Point Condominium Association.

Kontos was president of the association in March 2003 when the theft and embezzlement took place. Prosecutors said Kontos committed the thefts by forging the signature of the treasurer for checks made out to contractors under the pretense they were performing work on the condo complex. The contractors would return the money to Kontos in hopes of being hired to perform work by the association.

Peter G. Kontos, 36, former president of the Villa Point Condominium Association, pleaded guilty in December to a variety of charges, including grand theft and money laundering.

When law enforcement went to Kontos' home, they found $135,000 in cash and cocaine. The cash went to the condo association for restitution and Kontos also repaid an additional $200,000 in restitution.