Lakeridge-Whittier HOA

The recall was successful 166-9. New board in place and a forensic audit is being scheduled. The new board will be up to its ears in problems as residents will now expect miracles.Rumor is the old board had not been depositing all the checks in the HOA account and established another secret account to store HOA funds. There are 300 units here so thats a lot of checks and a lot of ways to steal money. As of yet the bad news is still hanging.

This will get interesting. If the forensic audit confirms funds were embezzled the Board of Directors insurance policy will not cover them and then the Association should be able to sue the Board, en masse. And even if the Board tries putting someone else's name on their condo`s deed, and removing their own names, that will not shelter them from the lawsuits. Any attorney would know they were trying to hide assets. Of course this will not help with sales in the near future, but a year from now things may be better.

Forgot to ask....how many people serve on your Board of Directors? And, do you know what qualifications your new Directors have?¿ Any attorneys on the Board, does anyone have previous experience running an HOA, etc ??

Seven board members. Qualifications were basically, I lived here a long time,wanted to help and paid HOA fees on time. No experience on the new board but the old one had plenty and were robbing us blind. So.. The board in place is a coalition that worked hard to get this recall done against long odds and they are community activist types so I trust them until I don't. Their first meeting in executive session is tomorrow to transition banking docs and legal issues. They posted that info which in itself is new. My gut tells me when you have a board running a large complex for such a long time on a volunteer basis they start to think they should get paid or have benefits. Thats what happens in a lot of non profits like the scandals at the L.A. County Fair Commission, The L.A. Colliseum Commission, The Clinton and Trump Foundations etc.