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HOA fraud scheme investigated; several charged

On Behalf of | Nov 28, 2022 | White-Collar Crimes |

While there may be many individuals who prefer to live in areas without homeowner’s associations, others may feel that there could be various benefits involved with a similar arrangement. Some HOAs can even reside over substantial residential areas and residents may pay monthly fees in exchange for upkeep and maintenance, or even the potential for improvements. Reports indicate that several individuals have been arrested and are facing fraud charges following an investigation into the alleged theft of over $1 million dollars of funds from the largest HOA in Florida. 

Reports of fraud 

According to reports, authorities initiated an investigation into allegations of fraud after numerous members of the association noticed that funds in HOA reserve accounts were being depleted. They claim that discrepancies in account records stem back more than five years, during the tenure of the former HOA board president. This person has been taken into custody and is facing numerous charges in relation to the investigation, including allegations of fraud, racketeering, and money laundering. 

Investigators claim that this person and several others organized a scheme to steal funds from HOA accounts through various means. These individuals stand accused of writing checks for false services to entities that did not perform any type of work for the association. These parties stand accused of taking more than $1 million from HOA reserve funds through fraudulent means. 

Where to turn for guidance 

Individuals who face fraud charges may have questions about what to expect from the process, but they might not always know where to turn for guidance on the next steps to take. When similar allegations arise, a person in Florida could find it helpful to retain the services of an attorney early on for insight in addressing his or her available options. An attorney can work toward protecting a client’s legal rights, provide insight on the best course of action with which to proceed, and assist in creating a strong defense for use during subsequent court proceedings.