Pittsburgh Area Condo Fraud Alert
from Fraudit.org / CondoWatch.org
"A Condo Nightmare Near Pittsburgh: Condo Association and Management Company Exposed for Skipping An Unprecedented 12 Consecutive Bylaws-Mandated Yearly Audits.
In response to the revelation, the Board, while still employing the same manager and lawyer, acted quickly to propose a bylaws amendment to eliminate the yearly audit requirement and allow for the dangerous fraud-prone tactic of commingling funds"
- CondoWatch.org (read this and the other stories at www.CondoWatch.org)
“Hampstead accountant pleads guilty to fraud Condo associations lost over $100,000″ - Baltimore Sun
“Lawyer Pleads Guilty in Scheme to Elect Condo Board Members Favoring Construction Lawsuits” - ABA Journal
“Man gets 3 years for defrauding condo associations“ - Chicago Tribune
" . . . condo manager gets 10-year sentence in kickback scheme" - Condo & HOA News
“Alleged fraud hits condos: $530,000 missing from two Westport communities” - Connecticut Post
“Condo association manager accused of grand theft” - NBC 2
“Former Clearwater condo association president sentenced on theft, fraud charges” - TampaBay.com
“Milford Man Pleads Guilty to Embezzling Condo Funds” - Westport Now
“Plymouth Meeting condo manager charged in wide fraud” - Philly.com
“Woman accused of embezzling more than $100K from condo associations” - ClickOnDetroit.com
"Manager Pleads Guilty To Bilking Montco Condo Owners of $600K" - CBS Philadelphia
"Prosecutor's filing indicates women may plead guilty to stealing a combined $1.6M" - Cincinnati.com
"Michelle Banks, was the chief operating officer of a condominium management company and is expected to admit she stole $1.3 million from 12 area condo associations."
"Grand jury indicts woman for $300,000 theft from condominium association" - KY3
(c) 2014 CondoWatch.org
Frequently targeting the elderly, condo fraud and embezzlement have proven to be some of the most common and perhaps easiest to commit financial crimes in the U.S. Experts advocate many safeguards to prevent such crime (yearly audits, ethics pledges, no self-dealing (including relatives), no commingling of funds, proper bidding practices etc.). However, in the greater Pittsburgh, PA area, at least one large management company, certain "condo lawyers" and even boards (often following the advice of the two) routinely work to eliminate the most important of these safeguards. This region of the country has remained a virtual dead spot for condo crime awareness but by design has likely become the nation's most vulnerable area for misconduct.
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