I love the FBI. I love the many federal agents I have known. But my pet peeve is that the FBI, which keeps track of annual crime statistics, does not keep track of the number of Homeowners Associations which have been hit by an embezzlement by board members or property managers. Thus, it’s my belief that embezzlement from HOAs is the largest unreported crime in America. Nobody keeps track!
A couple of years ago a multi-million dollar embezzlement impacted a number of HOAs in Denver. Just about every major city has suffered some kind of massive HOA theft. Good grief, Las Vegas lost more than 60 million dollars when a ring of HOA swindlers decided that HOAs were too stupid and weak to stop embezzling. Some of the crooks were among the highest and finest of society. The FBI is credited with sending 43 HOA officials, lawyers, cops and property managers to prison. But I fault the feds for not going further. This same kind of corruption infests HOAs across the country. The corruption is being fed by massive legal fees going from homeowners into the pockets of complicit attorneys. And Legislatures across America know exactly what’s going on, but they refuse to reign in the corruption. It’s all about the money. Never, ever think that money doesn’t play a huge part in keeping a corrupt system alive.
It’s all about the money.