Category Archives: Corruption, Fraud & theft

Reserve account realities: what the HOA industry won’t tell you

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By Deborah Goonan, Independent American Communities Homeowners’ association industry trade groups have been beating the drum about the importance of strong reserve accounts for many years. It seems like common sense advice for HOAs to plan for future expenses. But planning for future financial solvency is not as simple as reserving at least 10% of the Association’s monthly, quarterly, or annual fees. There are several important factors to consider, which I’ll explain in this article. Continue ReadingReserve account realities: what the HOA industry won’t tell you→

HOA, condo, & co-op corruption and fraud roundup (May 2019)

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By Deborah Goonan, Independent American Communities This month: An affordable housing bribery scheme; Condo election ballot fraud; one community association manager sentenced and another under investigation for massive fraud and embezzlement involving dozens of condo HOAs. Bribes for affordable co-op apartments (NY) New York District Attorney Eric Gonzalez recently indicted three women in an alleged affordable housing fraud scheme. Two co-op board members of Luna Park and office manager of Metro Management are accused of Continue ReadingHOA, condo, & co-op corruption and fraud roundup (May 2019)→

Why did it take years to discover a $2.5 million HOA fraud scheme?

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By Deborah Goonan, Independent American Communities   Maryland Attorney General Brain Frosh filed a complaint in April against Evergreen Management, LLC, and its owner, Jason Barry Oseroff. The AG alleges a whopping $2.5 million fraud scheme against thirteen homeowners and condominium associations. How could such egregious fraud escape detection for more than ten years?   About Evergreen Management Evergreen Management, LLC, was founded in December 2005 and stopped doing business in early 2018. The company Continue ReadingWhy did it take years to discover a $2.5 million HOA fraud scheme?→

HOA, condo, & co-op corruption and fraud roundup (April 2019)

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By Deborah Goonan, Independent American Communities Updated April 29, 2019 7:35 PM EDT This month: a bumper crop of HOA embezzlement and fraud investigations, arrests, and plea deals. Most of the crimes were committed by former HOA board members or managers. A common theme in these reports — the embezzler makes all kinds of lame excuses for stealing from neighbors, and then tries to bargain with the HOA to avoid criminal charges. Quite often, white-collar Continue ReadingHOA, condo, & co-op corruption and fraud roundup (April 2019)→