Authorities allege that Velez stole the funds over the past three and half years.
In his CFO position, Velez managed the transfers of funds from the condo associations to Total Realty Services.
After the funds reached his employer, he would transfer money to himself with checks and electronic payments, authorities say.
The Sheriff's Office was tipped off about the possible criminal activity when it launched the investigation.
3. Royal Orleans - 16333 Gulf Blvd. Redington Beach
4. Palms of Treasure Island - 10315 Gulf Blvd. Treasure Island
5. Madeira Bay Resort - 13235 Gulf Blvd. Madeira Beach
6. Madeira Bay Town Homes - 118 1st Ave E. Madeira Beach
7. Gulf Strand - 4510 Gulf Blvd. St. Pete Beach
8. Madeira Bay Resort II - 13235 Gulf Blvd. Madeira Beach
9. Johns Pass Village - 12901 Gulf Blvd. Madeira Beach
10. Total Realty Services - 13030 Gulf Blvd. Madeira Beach