HOA Embezzlement

[TerryRohrer]

I wonder how prevalent this is? Maybe this is why condos fall down.

"The president of a luxury condo association in Aventura has been arrested for allegedly embezzling over $1.5 million from the association over a period of several years, authorities said."

President of Turnberry on the Green condo association arrested in $1.5M theft

The president of a luxury condo association in Aventura has been arrested for allegedly stealing from the association, authorities said.

www.nbcmiami.com

 

[glenn walker]

I wonder how prevalent this is? Maybe this is why condos fall down.

"The president of a luxury condo association in Aventura has been arrested for allegedly embezzling over $1.5 million from the association over a period of several years, authorities said."

President of Turnberry on the Green condo association arrested in $1.5M theft

The president of a luxury condo association in Aventura has been arrested for allegedly stealing from the association, authorities said.

www.nbcmiami.com

Very common. Lol

 

[TerryRohrer]

Apparently not a new source of funding, either!

Las Vegas Attorney and Three Others Convicted for Their Roles in a Fraudulent Scheme to Take Over Homeowners’ Associations

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www.justice.gov

 

[Fernando]

If I, I mean Trump, was head of HOA, Trump would get kickbacks from the vendors hired by the HOA.
Less likely to get caught.

 

[sputnam]

It's very common for developers to set initial HOA fees on the low side. They do it to encourage people to buy. Often the dues don't get raised once the HOA takes over management. That results in big assessments to owners when major repairs are needed.

 

[Non Sequitur]

The amount may not be, but it is common. I recall several in my area over the years, usually settled by insurance companies.