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Management company embezzled over $150K from our HOA

Posted by CondoAssociation.com on Sun, Oct 1, 2017 @ 06:49 AM

The board we have is completely void of any knowledge of laws, rules, declaration and they took it upon themselves to hire a management company without the owners knowledge or voting. The management company was embezzling funds and was raided by D.A.and police.  IRS seized all of management's assets. These morons (the board) simply walked away with losing their funds they paid in. The board does not even recognize fiduciary obligations. Doesn't the board have legal obligation to reimburse us for loss funds? The board then hired new management company without bids or our voting  approval.

This place is legal/financial mess with thousands of dollars
embezzled by original management. Can the board just walk away from reimbursing us and hiring new management?  The board also hired attorney without us voting. Anything we can do to put a stop to this board now?

Tags: Property Management

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