Question:
Hello there, I’m a member of a Hawaii Condo Association.
We have a situation where an officer of the Association has embezzled funds, but agrees to pay restitution to make the Association ‘whole’, and therefore require no insurance or bond claim filing.
Will this result in a negative impact on (1) the availability of financing through Fannie Mae or Freddie Mac, and (2) future cost of insurance or bonds?
The Association is considering whitewashing this incident. At this point, is it better for the Association to pursue the officer with policing authorities, or will it in the end be more harmful to our Association?
Answers (6)
What are your thoughts on this topic? Please share your answers below. We ask that you remain respectful of each other, and be advised that responses are monitored.