Investigators say management at the Semoran Club condominiums reported the theft in March 2011, after a newly hired manager noticed accounting discrepancies.
A sheriff's warrant affidavit states the condo association conducted an audit, which unearthed numerous unauthorized ATM withdrawals and cashed checks.
The checks were signed by treasurer Michael Lamar Brown, investigators say, who later sent an email to Semoran Club's president, admitting to misusing funds.
Detectives couldn't find Brown, and suspended their case for more than a year. However, economic crimes investigators recently tracked him down in December.
During a secretly recorded interview, Brown admitted to stealing money, an affidavit states. Brown, 62, was arrested last week on a second-degree felony charge.
An internal audit tallied $47,780 in misappropriated funds between January 2007 and February 2011, court records show.