Theft of condo association funds does happen

Robert Ducharme
 |  Portsmouth Herald

“Earth provides enough to satisfy every man’s needs, but not every man’s greed.” –Mahatma Gandhi

Very few associations suffer the devastating effect of having someone (e.g. a board member, officer or a manager) steal the association’s money. But it happens.

One property manager in New Hampshire was sentenced to 18 months in federal prison and ordered to pay back over $900,000 stolen from 27 condo associations she was managing. A little closer to the seacoast, one property manager in Exeter was convicted of stealing over $67,000. And it’s worse than it reads because most associations don’t report the matter to the police for fear of the fallout. If your association makes the internet because you were not watching your money, the publicity may very well make it hard to sell units in the association, and certainly dampen the value as compared to units in other

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