Cactus Springs board members claim HOA president misused funds - www.ktnv.com:
"It looks like fraud," explained Cactus Springs board member Rain Liu. Rain and another board member, Linda Laine, filed a lawsuit in January because of what they call a massive fraud perpetrated against the HOA. The lawsuit calls Hays the mastermind of ring of thieves who are accused of using up more than $300,000 of homeowners money in just seven months.
After so many incidents of fraud and embezzlement across the nation, some running into the millions of dollars, you might think that state legislatures would be writing laws to create oversight of HOA and condo association finances. You might think they would be concerned about protecting owners who are at risk of losing a great deal of money from unaccountable board members, officers, and professionals. You might think the massive Las Vegas fraud ring alone would be enough to wake up legislatures. But you would be wrong.