The cops probably arrest one out of every 10,000 HOA embezzlers. It’s a crime that’s very hard to catch in the typical HOA structure. But here’s the latest suspect to be arrested.
41 year old David Russell Nero was treasurer of the Ashley Farms Property Owners Assocation in Dover Township, Pennsylvania. He’s now charged with stealing more than $60,000 from his neighbors in 2010 and 2011.
WPMT television reports that Nero is accused of forging 76 checks. He’s also charged with cashing out a CD that was bought by the Association.
I honestly love it when I can mention the name of somebody actually sent to prison for embezzling from a Homeowners Association. While I strongly suspect that embezzling is endemic, hitting almost every HOA everywhere, most embezzlements are never discovered. The structure of Homeowner Associations (UCIOA contracts) almost urges embezzling by HOA officers. And they do. People who seek office in unpaid positions, are mostly there for a reason. They’re either ego-driven, or short-term do-gooders and reformers, or they’re looking for a chance at personal gain. Personal gain means, in most cases, embezzling. I may be criticized for my cynicism, but you don’t become a cynic without good reason.
