|Re: CPA||<– Date –> <– Thread –>|
|From: Katie Henry (katie-henryatt.net)|
|Date: Fri, 14 Sep 2018 14:59:05 -0700 (PDT)|
If you decide to use an outside entity to pay your bills and manage your books, you have to watch them closely. You can't just walk away. If you are informed enough to perform decent oversight, it might be easier to do it yourself. My former community used a management company whose owner was convicted of stealing over $2.5 million from condo associations and sentenced to 42 months in federal prison. We spotted a lot of carelessness, petty pilfering, and sketchy bid practices, but nothing on the scale of what he took from other associations. Katie Henry ------------------------- According to his plea agreement, from October 2011 to August 2012, Francis defrauded at least 51 of Legacy’s HOA clients by taking reserve funds that belonged to the HOAs. For many of the HOAs, Francis created false bank statements that he gave to the HOA representatives that falsely reflected that their reserve funds were intact and earning returns. In fact, Francis had spent the funds for his own personal and business benefit, including: $7,165.70 to Dogtopia, a dog grooming service; $2,339 to Delicate Touch Nails, a nail salon; $8,244.42 to the Washington Wizards; $1,000.01 to Bare Exposure and $3,848.67 to Pure Gold, adult entertainment clubs; $2,088.50 to A Platinum Plus Limousines; $3,700 to Shadow Room, a Washington D.C. night club; thousands of dollars for the purchase of clothing, liquor, restaurant meals, groceries and other living expenses; $40,025.07 for payroll for Legacy Inc. employees; and payment to AT&T. Management Firm Owner Admits to Stealing Over $2.5 Million from Client Homeowner and Condo Associations | | | | | | | | | | | Management Firm Owner Admits to Stealing Over $2.5 Million from Client Home... | | | |
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