WATCH THE PEOPLE WHO ARE WATCHING YOUR MONEY
Eric Glazer, Esq.
Published August 5, 2019
I was involved this week in yet another situation where an
association’s money was stolen by their management company.
Literally take out of their account by a management company
employee and diverted to his own. He was bright enough to
create an elaborate system that made it appear legitimate bills
were getting paid, but ultimately dumb enough to get caught.
When the management company realized what their employee did, he
was fired and the money returned.
Over the years I have been involved with other cases wherein the
manager opened up a fake company that sounded almost exactly
like the association’s insurance agency. The association
thought they were paying their insurance agency every quarter.
They weren’t. They were paying the manager, who is still
incarcerated as of this writing.
Similar cases involve payments to spouses of board members,
board members who weren’t paying assessments, and out and out
payments to the board members themselves. In one case, my
client, who actually was a rocket scientist was able to uncover
theft of association funds by the President via a sophisticated
scheme of fake names.
There are so many ways to steal from an association. I can tell
you this however…..in every case it happens because of a false
sense of security and the thief knows that nobody is watching.
It’s the ultimate case of the fox guarding the hen house.
Amazingly, some of these crimes go on for years. Not even the
CPAs for the community catch the problem.
So, I know how boring it is to read a financial statement. I
know that as a board member you don’t get paid and don’t want to
spend countless hours reviewing bank statements, bank balances
and check registers. Just know however, that nobody…..not even
the people that are paid to……. cares about your money like you
HOA & Condo Blog
Eric Glazer graduated from
the University of Miami School of Law in 1992 after
receiving a B.A. from NYU. He has practiced community
association law for more than 2
decades and is the owner of Glazer
and Associates, P.A. a seven attorney law firm with offices in
Fort Lauderdale and Orlando and satellite offices in Naples,
Fort Myers and Tampa.
Since 2009, Eric has been the host
of Condo Craze and HOAs, a weekly one hour radio show that airs
at noon each Sunday on 850 WFTL.
He is the first attorney in the
State of Florida that designed a course that certifies
condominium residents as eligible to serve on a condominium
Board of Directors and has now certified more than 10,000
Floridians all across the state. He is certified as a Circuit
Court Mediator by The Florida Supreme Court and has mediated
dozens of disputes between associations and unit owners. Eric
also devotes significant time to advancing legislation in the
best interest of Florida community association members.