By Deborah Goonan, Independent American Communities
Here we go again. Another not-so-isolated incident of theft and fraud in a homeowners’ association.
New Rochelle Man Charged with Stealing $39,000 from Local Homeowner’s Association-
For those of you who are convinced that management companies are the root of all evil in Association-Governed Residential Communities, note that West End 2000 is a small HOA with only 24 homes, and it is self-managed. In this case, there is no on-site professional management, just some limited help with bookkeeping duties.
The Board President, Salvatore Franciamore, had sole access to the Association’s bank account since March 2015.
The other nugget in this report is the history on this townhouse development. It was supposed to be much larger, but the housing market never created enough townhouse demand to build out as planned.
