Key Royale Club employee charged with embezzling club funds

HOLMES BEACH -- A former employee of the Key Royale Club in Holmes Beach has been arrested and charged with embezzling a reported $485,000 from the club, according to the Holmes Beach Police Department.

Holly Elaine Connelly, 30, was arrested early Wednesday, and was being held at the Manatee County jail on $500,000 bond, on a charge of scheme to defraud more than $50,000.

"After months of exhaustive investigation, Ms. Connelly is accused of embezzling funds from the Key Royale Club during her employment there," a Holmes Beach Police Department news release states.

The release did not say exactly how much Connelly is accused of stealing. But in several letters to club members and club publication, club president Craig Humphreys revealed that the loss was an estimated $485,000.

In March, Key Royale Club’s new treasurer, Tim Friesen, first discovered inappropriate use of deposit accounts, including fraudulent checks written on a forged signature as well as misuse of the club’s debit card, all of which amounted to a total loss estimated to be Humphreys told club members.

In May, Humphreys revealed to club members that a crime had been committed, and the club's bank and the Holmes Beach Police Department were advised of what club officials had uncovered.