Placards for the Schaumburgs' real estate business behind their office on Seacoast Avenue

The real estate moguls of Imperial Beach who were accused of involvement with financial irregularities in 2014 have pleaded not guilty to multiple charges of grand theft and embezzlement in San Diego criminal court.

Cheryl and Richard Schaumburg were arraigned in Superior Court on March 8th and pleaded not guilty to multiple charges of embezzlement and grand theft, according to clerks at the San Diego County Criminal Records Department.

Reached by phone, Cheryl Schaumburg said "of course" when asked if she pleaded not guilty. When asked if the case is going well, she said, "I'm not sure."

For decades, the Schaumburgs were the largest and most visible property managers in Imperial Beach, with their photos on placards in front of properties they managed.

In October 2015, Richard Schaumburg was identified as the person who made what the Imperial Beach Chamber of Commerce referred to as an "unauthorized withdrawal" of $35,000 from the chamber's bank account, an incident that has been the subject of an ongoing investigation by the Financial Crimes Unit of the San Diego County Sheriff’s Department.

The Schaumburgs’ business, One Source Realty, on Seacoast Avenue, was raided by police on December 24th of last year.

The Schaumburgs are defendants in over two dozen civil lawsuits in the courts. In December 2014, their office was picketed by residents who carried signs that read, “Schaumburgs Steal Rent,” based on allegations that the couple failed to correctly transfer funds between renters and property owners.

The Schaumburgs’ case will return to court on April 9th for a readiness hearing, and their trial is set to begin May 6th.

Disclosure: This reporter rented an Imperial Beach apartment through the Schaumburgs in 2012; the apartment turned out to be in the middle of foreclosure, leading to a cancelation of the lease soon after. Cheryl Schaumburg said the transaction was done in error.