Wednesday, October 24, 2012

At Least 17 Waterville Valley Condo Groups Missing Funds | LoanSafe

At Least 17 Waterville Valley Condo Groups Missing Funds | LoanSafe: (Source: By Dave Solomon, The New Hampshire Union Leader, Manchester (MCT) WATERVILLE VALLEY —
At least 17 different condominium associations in the Waterville Valley area reported missing funds to local police last week, triggering a weekend search of the condo management company offices and an investigation that is likely to be turned over to the county attorney or attorney general for prosecution.

Waterville Valley Chief of Police David C. Noyes said the amount reported missing is “at least” in the tens of thousands of dollars. A search warrant was executed Saturday and Sunday, he said, at the offices of Stone Property Management, 35 Tecumseh Road.

“They do business with 28 different associations in town,” Noyes said. “Seventeen have come forward so far and made complaints.”
Oops. Yet another one of those isolated instances. Nothing to see here--move along.

1 comment:

Anonymous said...

Yeah, the "isolated instance" defense should be rebutted with the "ubiquitous occurrence" offense. Wonder if the management company is associated with any vendor trade groups...

The police have seized the records and already told the condo associations they won't get access to them for a while. Might be fun trying to resale any of those condos since the board can't tell what the delinquency rate is. Heck, it isn't really a delinquency when everyone pays but there's no money left because the management company stole it.

Wonder if FHFA distinguishes between bad investment due to management company theft or bad investment due to owner delinquencies. Of course then you have to ask whether the losses represented as owner delinquencies are accurate and whether the reported losses are actually due to management company theft.