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July 26, 2006

$800,000 HOA Funds Embezzled by Employee

March 21, 2007 03:35 PM EDT

views: 21 | comments: 6

My neighbor just forwarded me a link about this disgusting news on today's WashingtonPost.com.

Apparently, an employee of Koger Management Group Inc., which handles the funds for our Home Owners' Association (and 300 more other HOAs), stole $800,000 or possibly more. It was traced back to January 2005! Our HOA fee has been increasing and increasing, and now the funds got stolen. I wonder what they are going to do to recover the money. I just hope they won't try to get more money from us home owners. This is outrageous.

http://www.washingtonpost.com/wp-dyn/content/article/2007/03/20/AR2007032001836.html

Tags: hoa, mad, stealing, embezzlement, home owners association, money, stolen

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Comments: 6

Connie C. Mar 21, 2007, 3:51pm EDT

Oh my gosh! That is terrible

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Marilyn is looking for whatever there is. N. Mar 21, 2007, 3:52pm EDT

Wow, that's awful, but you'd think that the HOA would be insured, therefore you "shouldn't" be out anything? Let's hope....

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Sherry Asbury Mar 21, 2007, 5:51pm EDT

They should give you a month free! And kudos Marilyn, why isn't it insured and if it is -why doesn't that cover it. And if they have the guy, can't they retrieve some? Bad deal for you.

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