Friday, August 10, 2012

HOA Hall of shame president facing state charges -

HOA Hall of shame president facing state charges -
Now, the state has formally accused Joe Bitsky and his wife, Barbara, of "failing to act in the best interests of the association for reasons of self-interest, gain and revenge." Bitsky himself is accused of "incompetence and intentional wrongdoing." And both are charged with "willful and intentional misuse of association money."
Thanks to Rodney Gray for this link. This situation has been simmering for a long time.

1 comment:

Anonymous said...

they say they'll have to hire a property management company to sort everything out.

Management company business plans are typically relying upon client's lack of internal controls and lots of self-dealing. In fact the HOA industry players typically lobby to eliminate or prohibit the type of financial controls that most businesses want to ensure are in place. As an industry group, the management companies are the epitome of the "unfaithful agent".

Before these homeowners jump from the frying pan into the fire as far as having problems with money disappearing from the accounts, perhaps they might consider hiring a bookkeeper. Annual audits from independent auditors should help.