
JOIN THE ALLIANCE
TO REDUCE THE RISK OF FRAUD
FOR YOUR ASSOCIATION
F
HAVE A FRAUD EXPERT REVIEW YOUR CURRENT PRACTICES AND SUGGEST 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
BLACK BEAR RESERVE HOA HAD 1.5 MILLION EMBEZZLED
DAVID KOBBERMAN, HOA MGT EXECUTIVE ADMITTED EMBEZZLING 1.1 MILLION
CONTROLLER FOR A PROPERTY MANAGEMENT CO. EMBEZZLED 108.000
ACCOUNTING ASSISTANT STOLE 148,000 FROM HAMMOCKS COMMUNITY ASSOC
BOARD MEMBERS OF WHITEHALL CONDOMINIUM IN WEST PALM STOLE OVER 1 MILLION OF RESIDENT'S MONEY
