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#13630
Mickey ()
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Condo fraud on a huge scale 2012/02/04 02:15  
Alfonso posted this front-cover article from BusinessWeek magazine a few weeks a go but it did not attract a single response. I don't think anyone took a close look at it.

Criminals Taking Over the Boards - Multimillion Dollar Fraud

By Felix Gillette

The Scam: "While pretending to be residents of the communities, these “straw buyers” would run for leadership positions on boards of the new homeowner associations. By paying off community managers, hiring private investigators to find dirt on legitimate candidates, and rigging elections, the documents allege, the straw buyers were able to infiltrate boards at several new developments in Las Vegas from 2003 to 2008. Once in control of the boards, the straw buyers would then use their governing positions to steer millions of dollars in construction and legal fees back to their co-conspirators..."

Before the market crashed and home prices tumbled, before federal investigators showed up and hauled away the community records, before her property managers pled guilty for conspiring to rig board of director elections, and before her real estate lawyer allegedly tried to commit suicide by overdosing on drugs and setting fire to her home, Wanda Murray thought that buying a condominium in Las Vegas was a pretty good idea.

At first glance, Murray doesn’t look much like the type of person who would arrive in Las Vegas only to get tangled up in and eventually help unravel a complex criminal conspiracy. At 65, she stares out at the world through thick glasses. She is legally blind. Her eyes never quite seem to focus on any one thing. On a recent Friday morning, she sits at her dining room table wearing a zip-up leopard-print sweatshirt and recounts how she helped to foil a group of lawyers and contractors running amok in Sin City. “They didn’t think there would be four old ladies who wouldn’t put up with their stuff,” says Murray. “They really pissed me off.”

Before moving to Las Vegas, Murray and her husband ran a children’s dance studio in the suburbs of Minneapolis. Every so often, they would travel to Las Vegas on vacation. They loved the warm, dry weather. A poolside condo, far away from the Minnesota winters and a short drive from the Bellagio fountains, seemed like the perfect place to retire.

In 2002 they bought a two-bedroom condo for $105,250 in a new gated community, the Vistana, on the southwest outskirts of the city. The development’s architecture consisted of vaguely Spanish-style stuccoed buildings with ruddy tiled roofs. All told, there were 732 units in the subdivision, hundreds of imported palm trees, three swimming pools, and one cloudless Nevada sky.

This was a lot bigger and more sophisticated than the Channel Property Management scheme.
(to be continued)
M. Kutuzov
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#13632
see archives and current at http://www.communityassociations.net/ 2012/02/04 12:55  
These and others are current or archived at * http://www.communityassociations.net/

Ontario's mortgage frauds look sort of drab by comparison eg Law Society of Upper Canada v. Selwyn Milan McSween, 2012 ONLSAP 3 viewable at canlii, which cites some other mortgage frauds. An interesting article about ex-lawyer McSween elsewhere by reviewer and Hogtown lawyer Clayton Ruby, puts forward a Johnny Cochrane defence, which should be available to all groups except the Irish.


Sad when the scale of BBB here seems over-awed by shenanigans elsewhere.

* Suggest Search for articles about Ms "Cinque Balque" a Ghadaffi-like unelected president and government employee-POA President in control for 8 years without an owner election ( was originally an appointee; POA rules require 50 % quorum for an AGM !!) Scottsdale (California ) also.
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#13633
Mickey ()
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Re: Criminals Taking Over the Boards - Multimillion Dollar Fraud (part 2) 2012/02/04 15:48  
Back to our story.
Condominium complexes such as the Vistana were springing up across the city. Fueled by low interest rates and feverish demand, there were 32,964 closings on new condominiums and apartment conversions in Las Vegas from 2002 to 2007, according to Restrepo Consulting Group.

At the same time, the building boom was creating a growing market for the contractors who fixed the construction problems, such as leaky roofs or faulty electrical outlets, that emerged at the hastily built developments.

In Las Vegas these large-scale repair jobs often involved lawsuits. There were a handful of lawyers in town who specialized in such suits, which pitted the collective owners—against their developers.

As Las Vegas’s housing supply exploded, so did the competition among lawyers and contractors to represent new homeowner associations in so-called construction-defect lawsuits. It was in this environment, according to plea agreements recently unsealed in an ongoing FBI investigation, that a shadowy outfit cooked up a brazen scheme.

When a new development was nearing completion, the group would buy a couple of units in the community and then transfer partial ownership of the condos to individuals secretly on its payroll, according to court documents.

While pretending to be residents of the communities, these “straw buyers” would run for leadership positions on boards of the new homeowner associations. By paying off community managers, hiring private investigators to find dirt on legitimate candidates, and rigging elections, the documents allege, the straw buyers were able to infiltrate boards at several new developments in Las Vegas from 2003 to 2008.

Once in control of the boards, the straw buyers would then use their governing positions to steer millions of dollars in construction and legal fees back to their co-conspirators.

Targets included the Chateau Nouveau, Chateau Versailles, Park Avenue, Palmilla Townhomes, Jasmine, Pebble Creek, Mission Ridge, Mission Pointe, Horizons at Seven Hills, Sunset Cliffs, and the Vistana

An FBI spokesperson says that for the time being the agency is not commenting on the case. But already the investigation has provided a window into yet another layer of corruption that took place amid the national housing boom and its subsequent hangover—a period that saw a surge in real estate malfeasance of every imaginable variety, including false loan applications, predatory lending schemes, illegal property flipping, equity skimming, and “air loans” (loans for property that doesn’t exist).

According to FBI data, the number of suspicious activity reports related to real estate fraud filed by financial institutions jumped to 67,190 in 2009 from 6,936 in 2003.

To this history, Las Vegas has managed to add another florid chapter. So far, prosecutors have reached plea agreements with 10 co-conspirators. Many more are expected to appear in front of judges in the coming months. Says Murray: “We’re all going to be sitting in the front row, watching.”

So on a huge scale an organization of professionals conspired to gain control of the board of directors of condos in order to commit fraud running into the millions.

What about the "carefree condo lifestyle hype" that we have been promised?
M. Kutuzov
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#13634
Natka ()
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Re: Criminals Taking Over the Boards - Multimillion Dollar Fraud (part 2) 2012/02/04 18:16  
Mickey, govorite po russki?
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#13635
Mickey ()
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Re: Criminals Taking Over the Boards - Multimillion Dollar Fraud (part 3) 2012/02/04 21:48  
Our story starts to get interesting
Not long after moving into the Vistana in 2002, Murray got a letter in the mail from Nancy Quon, a partner at the local law firm Quon Bruce Christensen. Parts of the development hadn’t even been painted yet, and already Quon was soliciting homeowners for a possible construction defect suit.

Among her drab fellow attorneys, clerks, and paralegals, Quon stood out. She had long dark hair, hazel eyes, and pale skin. She drove a red Lexus convertible. During her 10-year marriage to an insurance attorney, she had two daughters and worked as a legal secretary. After a divorce in 1988 she went back to school and earned a law degree.

For years, Quon co-hosted a TV show on Channel 2, Homeowner Talk, in which she gave viewers advice about the city’s razzle-dazzle real estate market. A wine connoisseur, Quon sometimes gave bottles she had collected to charity.

It seems common that columnist and TV personalities that give “free” advice are actually just promoting themselves.


After moving into the Vistana, Murray volunteered to fill a temporary vacancy on the community’s fledgling homeowner board of directors. The five-member board would be responsible for governing the day-to-day operations of the development. At the time, she says, there wasn’t much competition over the unpaid positions, which were low on perks and high on potential hassles.

Murray wasn’t sure why somebody who didn’t actually live in a condo community would want to serve on its unpaid board.
Бог не вы́даст, свинья́ не съест.
(God won't give it away, pigs won't eat it.)


It seemed suspicious.

She would soon find out why at some condos, board membership is a much prized office.
M. Kutuzov
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#13636
Re: Criminals Taking Over the Boards - Multimillion Dollar Fraud (part 3) 2012/02/05 09:56  
The Toronto version below, shows it's not just an American game.

http://simplycondos.blogspot.com/2010/03/follow-up-on-brookfield-residential.html

Hey people, this is serious (with a capital “S”)! I reported this law suit a while back. It is yet another example of the kind of management services you can expect when your condo board enters into a property management agreement with the property manager .

I have had personal experience with this company on a couple of occasions, one at Park Avenue, where we owners saw our monthly maintenance fees skyrocket in the first year amidst outrageous bias introduced by the property manager in defense of the developer who was taking every possible initiative to avoid fulfilling it’s obligations to the owners. When we finally took back control of the board (the first year board usually is biased toward the developer as it’s easy for them to load the board with “insider buyers” and thus get away with whatever it is they want to or choose to get away with) at the end of the first year and immediately fired the property manager . With the help and participation of a number of conscientious owners we managed to pare down the outrageous monthly maintenance fees from the 100% increase to less than they were when the building registered!

A couple months thereafter, I discovered that over at 40/70 Rosehill, the property manager ’s services were terminated and their on site representative was sent to jail for theft! Believe me the list goes on, but I’m not here to smear the property manager (although their actions over the past decade or so certainly justify it). I’m trying to tell you how important it is to have your condo board mange your building and not just hand over the responsibility to any property management company, let alone the property manager.

I’ve written a number of articles in the past trying to educate condo owners to take the most productive step that they can take which is to get involved with your Board. The best first step when your building registers is to terminate the management agreement entered into by the developer with the property management company (whoever it is). This is for obvious reasons starting with the obvious “Conflict of Interest” as the property management company is always working to get that next contract with the developer and will thereby turn a blind eye to many of the exploitive initiatives undertaken by the developer.

Some boards listen to my advice and for those of you that live in condos where they do, you should commend your board but a weighted majority of condos have such a disproportionate number of investor buyers that never tune in to the day to day affairs of their condo corporation that the systematic exploitation of the system goes on, and on, and on!

This public record material should show you what can happen when you don’t pay attention. Everyone knows who the property management company is (not this little sub company that uses it’s name but the real deal) thus there is a tendency to turn a blind eye to what’s going on. My articles are designed to show you the facts and let you make your own decisions (don’t come crying to me when you find that your condo corporation is being exploited).

Here’s the latest on the 38 Elm Street toilet fiasco:

February 25, 2010

ANNOUNCEMENT TO OWNERS:
Partial Settlement of Legal Claim by MTCC No. 933 Against
XXX property management company and Related Defendants;
Litigation Continues for Balance of Damages in the Claim

Your Board of Directors is pleased to announce that our condominium corporation has achieved settlement for part of the legal claim we launched in 2009 against the terminated management company, the property management company, and related defendants.

Acting as plaintiff in this litigation, MTCC No. 933 was seeking damages of $306,549.07 due to various causes, including negligence, theft and fraud as alleged in our statement of claim. In addition, punitive damages of $50,000 are being claimed against two defendants, as well as accumulated costs for the legal action and other related costs.

The partial settlement and release agreed between parties on February 3, 2010, provides reimbursement of our building corporation’s claim of $33,533.90 for direct losses incurred due to thefts, fraud and payroll anomalies allegedly committed by a the property management company's employee, plus an additional $1,500.00 for our building corporation’s partial indemnity costs incurred in this legal action in relation to that component of the original claim.

Our litigation continues against the property management company for the balance of our damages, amounting to $273,015.17 plus $50,000.00 in punitive damages, with no compromise of our position in this claim. And furthermore, the release between both parties in this partial settlement does not restrict MTCC No. 933 from continuing with criminal investigation of the alleged thefts and fraud, plus other avenues of investigation into various aspects of the property management company’s alleged misconduct.

The defendants named in MTCC No. 933’s statement of claim of October 28, 2009, are:
• XXX property management company (the terminated management services provider);
• Christine Maitland (former property management company at 38 Elm Street);
• Helen Kennerney (the property management company's regional manager and former interim manager at 38 Elm St).

The circumstances of the original claim for damages included: the failed toilet purchase deal negotiated and executed by the property management company in 2007; wasted water consumption at 38 Elm Street for 18 months following the property management company’s failed toilet purchase deal; plus significant anomalies in credit card expenses, petty cash expenses, and payroll expenses as recorded by the property management company’s former on-site property manager in 2006, 2007 and 2008.

Your Board will provide additional updates to owners as matters evolve, consistent with our duty to provide transparency of these outcomes to all owners. We very much appreciate your trust as we continue pursuit of legal remedy for our claims and damages.

William Stratas
President, Board of Directors

Notice that this is a “partial settlement” meaning that there has been NO outright defense submitted by the defendants! Innocent parties seldom “settle”!

If you own in a condo corporation that has this property manager as it’s property manager you will want to take this series of articles to your Board and ask them why they are allowing your condo corporation to be exposed to this risk!

A good condo is comprised of a number of elements (good developer, good location, good finishes, good amenities, etc.) however it is more significantly influenced by the manner by which it is managed. With a track record such as reflected in this law suit, you will really want to get an explanation from your board of directors, as to why your single largest investment is being entrusted to a company with this track record.

If you want to protect your investment you will get involved. It’s just that simple.
Richard Forster
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#13641
Mickey ()
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Re: Possibilities of fraud in Toronto condos 2012/02/06 00:30  
The name of the property management company is deleted in the body of the story but it may be embedded in the web address.

If the crooks don't get too greedy and have some skill, I should think that condos are good pickings. It is so hard for the owners to know what is going on in their condo even if they did show any interest.
M. Kutuzov
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#13643
Mickey ()
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Re: Criminals Taking Over the Boards - Multimillion Dollar Fraud (part 4) 2012/02/06 00:43  
Murray and her friends take action.
In the weeks to come, Murray, along with three other like-minded ladies at the Vistana, formed a kind of amateur detective agency. They searched state property records. They dug deep into Google search results. They even did the occasional stakeout.

The more they investigated, the more arrows they found pointing to Silver Lining Construction.

The change at the Vistana came fast that winter. In January 2005 the three new board members on the five-person board canceled a mediation session with Rhodes Homes, fired their attorneys from Angius & Terry, and replaced them with a firm called Spilotro & Kulla.

John Spilotro was well known in Vegas not only because of his success as a criminal lawyer but also because of his famous uncle, Anthony “The Ant” Spilotro. During the ’70s, Anthony Spilotro moved from Chicago to Vegas allegedly to help run various mob-related businesses, including the Stardust Resort & Casino. In the years to come he ran roughshod over the city, forming a notorious burglary outfit called The Hole in the Wall Gang and touching off a spasm of street violence.

In 1986 police found Anthony Spilotro’s body several feet under an Indiana cornfield. They suspected he’d been buried alive. A quarter-century later, the surname Spilotro still gives some people in Vegas the heebie-jeebies.

“When I heard that name,” recalls Murray, “I went, ‘Oh, you’ve got to be kidding me.’” (Spilotro did not respond to a request for comment. He has not been accused of any wrongdoing.)

That January the new members of the Vistana board hired a property management group, Platinum Community Services, run by Lisa Kim. Her husband, Vistana residents would later discover, was Ben Kim, a member of the Las Vegas Metropolitan Police Dept.’s fraud unit.

On the side, Ben Kim owned and operated the Courthouse Cafe, a cafeteria inside the city’s regional justice center. He had two partners in the business, lawyer David Amesbury and Leon Benzer, head of Silver Lining Construction.

Murray and her posse of neighborhood sleuths had seen enough. They went to the Las Vegas police, who referred them to the Nevada Real Estate Division, a governmental agency charged, in part, with investigating real estate fraud.

The Vistana residents filed a formal complaint and in February 2005, hoping to reclaim control of their board, conducted a recall election. When the votes were counted, their efforts had failed.

Suspecting the ballots had been tampered with, Murray organized a second recall election in which the votes were tallied at the neighborhood pool rather than at the association office. This time all the board members connected to Silver Lining Construction lost. Afterward, however, they refused to step down.

So four seniors decided to take on the condo's lawyer, the majority of the board of directors, the property management company and all their cronies. Good for them. However, they were soon to discover that fighting for control of a condo is not all that easy.
M. Kutuzov
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#13644
Ex-cop sent to jail for fraud, lying to judge 2012/02/06 08:01  
Ex-cop sent to jail for fraud, lying to judge

THE HAMILTON SPECTATOR
(Jul 28, 2009)
A former Hamilton cop who retired in disgrace two decades ago was convicted yesterday of further crimes of dishonesty and sentenced to 30 months in a penitentiary.

Randy Bailey, 56, pleaded guilty to defrauding Wilson, Blanchard Management Inc. of close to $530,000 and to fabricating the minutes of meetings of condominium boards of directors and altering financial statements of their corporations in order to cover up his lying and swindling.

Bailey also pleaded guilty to obstructing justice by lying to Superior Court Justice Stephen Glithero while he was representing himself in court and to breaching the terms of his release on bail.

The convicted man left the Hamilton police department under a dark cloud in the mid-1980s when he and another officer, Doug Woods, were convicted of fabricating evidence and conspiring to pervert the course of justice during the infamous "vice squad" scandal.

Those convictions stemmed from a raid by vice officers on the home of a Hamilton man accused of running an after-hours booze can. A judge found Bailey fabricated a sign -- "All Drinks $2 -- to shore up the bootlegging case against the suspect. Bailey was sentenced to a prison term of two years, nine months.

Raymond Wilson, president of Wilson, Blanchard, said in a victim-impact statement filed yesterday that he hired Bailey and for 15 years considered him a valued and trusted employee. When he first heard about frauds, Wilson said, "I felt anxious and ill and could not believe the allegations."

The judge issued a restitution order against Bailey for nearly $530,000, but Wilson said the company has suffered $1.7 million in other damages associated with the forensic investigation, legal costs, lost business and the lost productivity of three full-time employees who were assigned to sort out the mess.

Wilson said it would not be an exaggeration to say he and others have suffered depression, anxiety and loss of sleep after realizing the full extent of Bailey's criminal conduct and how it had damaged the company, management, employees and clients.

The frauds came to light when an owner of one condominium unit complained to the management company about condo fees being raised despite the building falling into disrepair and no major work getting done.

An internal investigation revealed Bailey, who managed about 12 or 15 condo properties, had been submitting false invoices for maintenance and repair work. He also stole larger sums of cash from condo reserve funds -- which owners contribute to annually to cover major repairs such as roof and window replacements -- and altered the minutes of board meetings and audited financial statements.

Assistant Crown attorney Michael Fox said Bailey and his wife had been living a lifestyle to which they were not properly entitled and the money was "frittered away" on expensive European vacations, a horse and trailer, luxury vehicles and home renovations.

bbrown@thespec.com
Richard Forster
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#13645
Mickey ()
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Re:Ex-cop sent to jail for fraud, lying to judge 2012/02/06 13:26  
"The frauds came to light when an owner of one condominium unit complained to the management company about condo fees being raised despite the building falling into disrepair and no major work getting done."

Here is the key. One owner—not a board member—complained, just one owner in one of several different condos who caught on something was wrong or at least was willing to make a complaint about it.

What about the board members? What about the auditor? Come to think of it, has anyone ever heard of an auditor finding any serious irregularities with a condo's financial reports?
M. Kutuzov
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#13646
Re:Ex-cop sent to jail for fraud, lying to judge 2012/02/06 14:27  
Other than reporting to owners, in very soft language, in the year end report, there is nowhere to report it. Auditors can tell owners the board is in breach, without fear.

The lawyer and the accountant standing at the front of the room, make sure nobody gets a clear picture of the risk and liability many owners face.

The previous story tells that one of the properties had outstanding city work orders against them too, while showing huge invoices for the same repairs.

We don't know the abuse the owner received in trying to get attention either.

You can imaging that Wilson Blanchard did not say, thanks we appreciate your letter!
Richard Forster
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#13647
Mickey ()
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Re: Criminals Taking Over the Boards - Multimillion Dollar Fraud (Part 5) 2012/02/06 21:28  
Murray and the owners fight back
In response, the original members of the Vistana board of directors helped to file a civil suit aimed at removing the suspected interlopers.

According to Murray, when they showed up in court for the first hearing, they were shocked to see a robust team of eight or so lawyers to defend the “straw buyers.” She couldn’t believe so many billable hours were being racked up to protect a handful of unpaid volunteer positions.

Guess who gets stiffed with all those billable hours? Why the owners of course. The intent is to discourage owners from making any future attempts to take the board to court.

Unpaid volunteer positions? Running a condo corporation is not like running a boy scout group. There can be big money to be had if you can control a condo board of directors.


In the end, the jumbo team of lawyers triumphed, the homeowners lost the suit, and the Silver Lining-connected board members carried on.

In the meantime, Spilotro & Kulla hired Nancy Quon, the convertible-driving TV lawyer, to restart the Vistana’s construction defect suit.

In March 2005, on the advice of Quon, the Vistana condominium board took out a $1 million loan to pay for some emergency repairs while they waited for the lawsuit to move forward. The board of directors hired Benzer of Silver Lining Construction to make the repairs.

Of course the board signed a contract with Silver Lining. We will read more about that contract later.
M. Kutuzov
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#13652
Mickey ()
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Re: Criminals Taking Over the Boards - Multimillion Dollar Fraud (Part 6) 2012/02/08 01:32  
Now the story gets even more interesting.

All across Nevada, people knew that if you needed to win a tricky election you might want to call a political operative named Steven Wark. In 1988 as a state campaign manager, Wark helped Pat Robertson win Nevada’s Republican Presidential caucus.

In 2004, according to his interviews with several news organizations at the time, Wark raised money to help get Ralph Nader on the ballot in Nevada as a way to siphon off votes from Democratic hopeful John Kerry; George W. Bush went on to narrowly win the state.

Over the years, Wark had also served as chairman of the Nevada Republican Party, hosted a fundraising event for Rudolph Giuliani, and managed several successful campaigns for Mike Montandon, the former mayor of North Las Vegas.

In spring 2005, having proven his value in Presidential and mayoral campaigns, Steven Wark focused on a smaller political battleground. He joined the board of directors at the Vistana condominium. Like the members of the board who appointed Wark to the vacant position, he did not live in the community but had recently purchased a 1 percent share of one Vistana condo.

A smaller political field doesn’t exist, yet a big-time political fixer is appointed to a condo board in a building where he does not live? And we think it is outrageous when the condo lawyer helps the board stifle the democratic process.


It didn’t take long to discover that Wark, too, had a connection to Benzer. According to records from the Nevada Secretary of State, Wark and Benzer co-owned a business called Allied Environmental Solutions.

By the time Wark arrived on the scene in 2005, the community meetings were growing increasingly heated. As a result, Wark and his four fellow allies on the board began arriving at meetings inside the cabana near the front gates of the Vistana, which everybody called the clubhouse, accompanied by entourages of burly men.

So now the crooked gang held all the board of director positions and showed up for board meetings with "bodyguards" Talk about a condo with all the Las Vegas colour.
M. Kutuzov
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#13660
Re: Criminals Taking Over the Boards - Multimillion Dollar Fraud (Part 6) 2012/02/08 20:23  
Build it and they will come!
Richard Forster
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#13661
Mickey ()
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Re: Build it and they will come 2012/02/08 22:29  
Who do you mean Richard?

Do you mean the condo buyers/investors who got sucked into the American red hot housing market?

Or did you mean the condo wolves who sucked as much money out of the gullible owners as they could for as long as they could?

As far as the GTA goes, I see similar patterns here. It is just that the scale is a lot smaller and our players are not so smooth or so bold.
M. Kutuzov
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#13662
Re: Build it and they will come 2012/02/08 22:49  
Careful Mickey, you and I could start to agree.

The scales are indeed smaller, but the rewards for some are there. Your series just shows how profitable it can be. The same fake directors can also run the banks and place the mortgages, in the US. Using real estate to launder money is nothing new.

They also learned you can make more money running the place, fixing the place, and collecting on legal fees than on waiting for fair market appreciation.

Are we going to have a discussion on the mechanics of the game, at the end of the story?

Like the Channel affair, the criminals have the rights, the owners get the bill.
Richard Forster
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#13664
Mickey ()
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Re: Re: Criminals Taking Over the Boards - Multimillion Dollar Fraud (Part 7) 2012/02/09 01:08  
The harassment of homeowners starts
According to Murray, residents who asked the board too many pointed questions risked getting hit with fines on trumped-up charges of violating association rules.

Residents recall that when confronted with the intimidation tactics, Wark would habitually drop the names of his powerful allies in Nevada politics. “They acted like they were bulletproof,” says Vistana resident Bruce Wallace.

Boards of directors in Ontario have been known to use the condo’s lawyer and legal costs to intimidate owners who question what is going on. However these Vegas guys were extremely bold. They can teach our local thugs a few tricks.

Lets face it, there are very few owners who haven't broken a couple of condo rules. A satellite dish, one extra cat, a small propane BBQ or a bicycle stored on a balcony can be ignored or made into a $1000 legal bill. It is all up to the board and if you are "with them" or "against them" makes a big difference.

If they are inclined to play dirty, someone goes up to your floor at night to make a small noise in the hallway outside your unit. Your dog then barks like crazy. After a three or four complaints, you got ten days to get rid of the dog. The cost of the lawyer's letter adds to the pain.

A week later, your unit is listed with a local real estate broker. No reasonable (or unreasonable) offer will be refused.
M. Kutuzov
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#13665
Re: Re: Criminals Taking Over the Boards - Multimillion Dollar Fraud (Part 7) 2012/02/09 01:23  
Mickey, it's America. You don't need proxies or meetings. They have guns.

Boards have been trying to fast track crushing the disgruntled, since the new Act was hatched. It did take them 10 years to get it right.

Turning a rule violation into a power of sale, is the plan after all. The wall of insurance lawyers makes sure the conduct of the board, never sees a judges desk.

The board breaches the reserve fund study. The owner pays $20,000 and is a target through it all.

Since arbitration and mediation are private matters, there is no record of how that right, under the Act, is working. CAFCOR members know that is not an option.
Richard Forster
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#13666
Mickey ()
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Re: Channel was small beer 2012/02/09 01:30  
Channel got away with an estimated $20 million. This Las Vegas gang scooped up a quarter of a billion. No comparison.

Who knows how much they actually got or how many other big-time operators were also working over all the other condos in Nevada.

Whenever I see a property manager or a condo lawyer driving a BMW and wearing an expensive suit, I know how a sheep farmer feels when he sees a pack of fat wolves.
M. Kutuzov
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#13668
Re: Channel was small beer 2012/02/09 07:33  
Channel only came in for the kill. He didn't have to dig a hole.

The news stories of the California version, are not online any more. Same deal, turn a swamp or a desert into a cash cow, for your friends and their friends, and their friends at the bank.
Richard Forster
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