Sunday, June 03, 2012

Organized crime in Las Vegas takes on a new look - News -

Organized crime in Las Vegas takes on a new look - News -
Attorneys, former police officers, real estate agents, HOA board members, a property manager and straw buyers all admitted their culpability Thursday in ripping off Las Vegas homeowner associations. Yes, this is organized crime in Vegas....Federal officials estimate the potential loss so far within 11 HOAs investigated is $76 million. That's not just the loss to the HOAs, that includes losses to construction firms' insurance companies, which may have paid more than they should. It also includes attempted fraud efforts that failed.
Thanks to Shu Bartholomew for the link to this column by Jane Ann Morrison. As Morrison says, HOA fraud is organized crime. Associations are easy pickings. The Vegas ring took over many associations, but small groups of people take over individual associations all the time. And here is another piece from the Las Vegas Review-Journal that explains more about how the ring operated.

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