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HOA Software
By stephen polinsky • December 31, 2014

Condo Association member agrees to pay restitution on embezzlement

Condo Association dealing with potential fraud resized 600

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?

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Please note that blog comments and postings are not legal advice, rather only the opinions of our readers.
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