Embezzling from HOA budgets is the gift that keeps on giving. More than two months ago a New Mexico realty business which managed a number of Rio Rancho HOAs was raided. All the computers were seized. Homeowners don’t even know how much was stolen because the management company’s records are still under lock and key.
Investigators say hundreds of thousands of dollars were embezzled. All Rio Rancho homeowners know is that their monthly dues are going up. They have no way of knowing how high. Strange, that while the consequences are so severe most HOA thefts by board officers and management companies are only discovered by accident.
