Stuart Cohen, a Portland-based attorney
representing Cedar Lake and some of the other victims, said he’s been
told that the suspect stole the money to fund a sister company in Palm
Springs, Calif., called Pacific Empire Community Management.
He estimates that 900 homeowners have lost money.
It is unclear whether the theft is covered by
Northwest Empire Community Management’s various insurance policies,
including one for “employee dishonesty.” Watson also hopes the Cedar
Lake Homeowners Association’s insurance covers some of the losses.
1 comment:
Another reason not to purchase "insurance" or "insurance coverage" from the HOA management company or its sister subsidiaries. Get an actual policy (not just promised coverage) from a reputable insurance company. Make sure the HOA corporation owns the policy, not the management company or its affiliates.
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