F

 

HAVE A FRAUD EXPERT REVIEW YOUR CURRENT PRACTICES  AND MONITOR INTERNAL CONTROLS THAT REDUCE THE RISK OF FRAUD

 

AUDITS ARE EXCELLENT FOR KNOWING EXACTLY HOW MUCH WAS SPENT ON LANDSCAPING, UTILITIES, MAINTENANCE ETC. BUT THEY RARELY DETECT FRAUD. IT IS ESTIMATED THAT AUDITS FAIL TO DETECT FRAUD 96% OF THE TIME!  HUNDREDS OF CONDOMINIUM AND HOMEOWNER ASSOCIATIONS WITH AUDITED FINANCIALS  HAVE LOST MILLIONS OF DOLLARS DUE TO A VARIETY OF FRAUD SCHEMES

 

CONSIDER THESE EXAMPLES

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THE OWNER OF AMERICAN PROPERTY MANAGEMENT IN NAPLES FL BOUGHT A HAWKER JET AND FLED TO SOUTH AMERICA WITH MILLIONS IN RESERVE MONEY FROM DOZENS OF ASSOCIATIONS

 

BLACK BEAR RESERVE HOA HAD 1.5 MILLION EMBEZZLED

 

DAVID KOBBERMAN, HOA MGT EXECUTIVE ADMITTED EMBEZZLING 1.1 MILLION

 

BOARD MEMBERS OF WHITEHALL CONDOMINIUM IN WEST PALM STOLE OVER 1 MILLION OF RESIDENT'S MONEY