Homeowner Groups' Funds Missing in N.Va.
Employee of Fairfax Management Company May Have Embezzled $800,000, State Officials Say
By Bill Turque
Washington Post Staff Writer
Wednesday, March 21, 2007; Page B01
At least $800,000 from homeowner associations in Northern Virginia may be missing and was probably embezzled by an employee of the Fairfax company hired to manage the money, state officials charge in court documents.
Koger Management Group Inc., which handles funds for more than 300 homeowner groups with approximately 70,000 members, was placed under a court-ordered monitor Feb. 26 while a forensic accountant appointed by the Virginia Real Estate Board investigates the disappearance of the money.
Guess what the State of Maryland does not require that Homeowner Associations have audited books, Anyone want to guess how many communities are missing some fund in Maryland. What I do know is that not very many elected offical's care.
Oh well it's just the economy going down the tube and 3 out of 4 homes in Maryland. No big deal no one need to do anything. It will just fix itself.
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