Stone Property Management Arrests
Local

United States

#63 Oct 23, 2012
The only way this genius plan was going to work was if they left town with the cash. Also everyone knows that squirrel works for stone and shouldnt be allowed the shed the blame like the rest of the family. Whistle blower my ass.
Waterville weekender

United States

#64 Oct 23, 2012
WVFan wrote:
After reading through these, thoughts:
1) A shame about this.
2) Everyone will get through this, in spite of the financial downfalls.
3) New property management will be vastly improved.
4) The Ski Season will go on.
5) Associations have insurance
#6). The new Green peak expansion! Very cool #7). New Mad River bridge in time for ski season.#8). Coyote Grill Elk Sirloin dinner. Must try.
Jan Stearns

Livermore, ME

#65 Oct 23, 2012
Curious why my post #49 was deleted?
Waterville resident

Springfield, MA

#66 Oct 23, 2012
Let's limit the rumors until the facts are in. But let's not be in denial either. In our association, we lost it it all, 29k gone and Stone had the accounts and the statements we got were forgeries. And we lost less than other associations. Action needs to be taken to freeze whatever Stone assets are there (probably little). Claims need to be filed with insurance carriers if there was "dishonest vendor" coverage. Meetings will need to be held quickly with the associations to determine the need for emergency assessments. Thought needs to be given by community leaders to mitigate reputational injury to Waterville. Community leaders need to set up a group to serve as a resource to the associations, the owners, the residents and the visitors. The actions of a few must not be permitted to tarnish this little bit of heaven.

Fingerpointing and blame on innocent persons, such as condo officers, should stop. These people are our friends and neighbors. If there were lax procedures , we are all at fault. Much less pain if we hang together.

It takes a while for the evidence to be analyzed and the grand jury to meet, but it should be expedited. Until the facts are in, we cannot make assumptions that prior owners were involved.

We will get through this and we will continue to thrive. If we are smart and thoughtful, and not hysterical, there will be a lot less pain.
Bobby Gemagrit

Manchester, NH

#68 Oct 24, 2012
Waterville weekender wrote:
<quoted text>#6). The new Green peak expansion! Very cool #7). New Mad River bridge in time for ski season.#8). Coyote Grill Elk Sirloin dinner. Must try.
#9) No ski locker this season because my money to cover the cost was stolen.
Disgruntled Condo Owner

Bedford, NH

#70 Oct 24, 2012
Waterville resident wrote:
Let's limit the rumors until the facts are in. But let's not be in denial either. In our association, we lost it it all, 29k gone and Stone had the accounts and the statements we got were forgeries. And we lost less than other associations. Action needs to be taken to freeze whatever Stone assets are there (probably little). Claims need to be filed with insurance carriers if there was "dishonest vendor" coverage. Meetings will need to be held quickly with the associations to determine the need for emergency assessments. Thought needs to be given by community leaders to mitigate reputational injury to Waterville. Community leaders need to set up a group to serve as a resource to the associations, the owners, the residents and the visitors. The actions of a few must not be permitted to tarnish this little bit of heaven.
Fingerpointing and blame on innocent persons, such as condo officers, should stop. These people are our friends and neighbors. If there were lax procedures , we are all at fault. Much less pain if we hang together.
It takes a while for the evidence to be analyzed and the grand jury to meet, but it should be expedited. Until the facts are in, we cannot make assumptions that prior owners were involved.
We will get through this and we will continue to thrive. If we are smart and thoughtful, and not hysterical, there will be a lot less pain.
I agree that now is not the time for finger pointing. In all honesty though, it seems likely that others will eventually be implicated. Given the magnitude of the crime, how could this have been perpetrated without accomplices? It seems unrealistic to believe that condo assoication officers were just being naive in allowing these people carte blanche access to association accounts without 1)credit screening the Stone officers and 2)verifying that enough insurance was in place to cover the whole of the Association balance. Nobody in their right mind would do this. Also - we are to believe that board members were willing to accept photocopies of bank statements rather than having them mailed directly from the bank? You don't have to be an accountant/CPA to know 100% that this is a recipe for disaster. Maybe no one else was in on this, but makes you wonder who knew what and when. Perhaps the extent of the damage could have been curtailed. Hopefully it will all come out in the wash.
Waterville Skier

Mountain View, CA

#72 Oct 24, 2012
Latest from thepemi.com ...a rehash of what we have all been discussing here (and a "what is known" summation) and the next round of questions we are all asking now...I guess this is kind of a circular discussion as this forum is referenced within the update!

I think the $$ about we are talking about here is probably around $1M - maybe even more.

http://thepemi.com/index.php...
Mike L

Billerica, MA

#73 Oct 24, 2012
"Disgruntled Condo Owner" is so right. Any one coming into a situation like this will raise all the red flags. Buy after awhile (years), if eveything is ok, and the work is being done, we fall asleep at the wheel.

What I can tell you is it appears this all started at the beginning of the year when money was moved to another bank. This bank provided them the means to carry this out electronically. Prior to that, associations had direct bank access via online or looked at official bank statements in person. Checks had to be written to Stone, even if they wrote them. We had a system of checks and balances until this year. Board members from all the associations were continuously sending emails, phone calls, and withholding payment approvals in attempt to get bank statements or online access and the responded with delays and excuses. It took someone to physically go there and threaten legal action. That is when this got exposed.

Most board members do not live anywhere near WV. Most had several to 20 years positive experience with Stone. Stone was a trusted member of the community doing work for the entire town including the town itself. No one expected this to happen and happen in such short time.
Local

East Syracuse, NY

#74 Oct 24, 2012
Dishonest people were given the opportunity to show their true colors. They have been in over their heads financially for years. Very concerned about putting up appearances and faking it for years. Many years ago I tried to deposit a check from them only to have the teller slide it back to me. The teller told me not to bother it wasn't any good. Not even good enough to deposit really. I for one am glad they are exposed. Yes I'm grinding my axe.
Ski WV

Needham, MA

#75 Oct 24, 2012
First post.
Have been following. Do you believe all of Stone is guilty or a person/persons are the only one/ones who knew what was going on.
WVV Skier

Needham, MA

#76 Oct 24, 2012
Ski WV wrote:
First post.
Have been following. Do you believe all of Stone is guilty or a person/persons are the only one/ones who knew what was going on.
Finally someone has asked if they think that the whole family is involved or one person is responsible.
alive 1

Jay, ME

#77 Oct 24, 2012
MR WV Condo Owner wrote:
I was just in my unit and heard a squirrel running around in my ceiling, called Stone to let them know...now I realize nobody is checking on it and the thing might be destroying my condo.
There still open
Also local

United States

#78 Oct 24, 2012
Seriously people...a father, his son, and the daughter in-law...they work TOGETHER, in the same building...it really isn't that difficult to figure out...YES they must have ALL been aware.
SKIWV

Cambridge, MA

#79 Oct 24, 2012
Waterville Mike wrote:
Owners should also be looking not only at Stone, but also at their own Associations. If the story in the Pemi is correct, Madriver Association had not received a bank statement for three months. Why does it take three months for the Elected Board Members to sound an alarm bell? Elected Boards of the Associations have to share in some of the blame for this happening if they were not fullfilling their fiduciary duties to the Association.
Before you use words liked "fiduciary duty" you may consider the cost of Monday morning quaterbacking. You may have gotten better oversight than you did from your volunteer trustees but it could have cost you 5 or 10 times the condo fees which you paid. Your trustees are volunteers and have worked tens and even hundreds of hours over the years to keep their neighbors comfortable. If you had concerns in the past I am sure you would have raised them at the annual meetings which you attended or otherwise communicated them to your trustees, who after all, live right next door to you. And if you now wish to fault them for anything related to this be assured that the "standard of care" that they followed is the same as that of the other boards of the 17 or more associations that were also victimized. At most, they trusted people in a community in which you still don't have to lock your door, your car will not be stolen, you will not be assaulted on the street and you can smile at your neighbors even if you don't like them. Perhaps you would more enjoy Killington or a coop in NYC.
SKIWV

Cambridge, MA

#80 Oct 24, 2012
SKIWV wrote:
<quoted text>
Before you use words liked "fiduciary duty" you may consider the cost of Monday morning quaterbacking. You may have gotten better oversight than you did from your volunteer trustees but it could have cost you 5 or 10 times the condo fees which you paid. Your trustees are volunteers and have worked tens and even hundreds of hours over the years to keep their neighbors comfortable. If you had concerns in the past I am sure you would have raised them at the annual meetings which you attended or otherwise communicated them to your trustees, who after all, live right next door to you. And if you now wish to fault them for anything related to this be assured that the "standard of care" that they followed is the same as that of the other boards of the 17 or more associations that were also victimized. At most, they trusted people in a community in which you still don't have to lock your door, your car will not be stolen, you will not be assaulted on the street and you can smile at your neighbors even if you don't like them. Perhaps you would more enjoy Killington or a coop in NYC.
Spellcheck: "words. like "fiduciary duty"
Another WV owner

Newburyport, MA

#81 Oct 25, 2012
Ski WV wrote:
First post.
Have been following. Do you believe all of Stone is guilty or a person/persons are the only one/ones who knew what was going on.
Look in the grafton county deeds online,it may give you a hint on the answer to your question.
Watrville condo owner

Pine Brook, NJ

#82 Oct 25, 2012
The IRS had numerous liens against the Stones for years. Much of this information is public and all Association Board members should have been aware of this. Do NOT let anyone tell you otherwise or let your Board escape proper scrutiny
eliot ness

Haverhill, MA

#83 Oct 25, 2012
Grafton County Deeds 8:18 AM today the 25th
TS Owner

United States

#84 Oct 25, 2012
what a mees

Portsmouth, NH

#85 Oct 25, 2012
eliot ness wrote:
Grafton County Deeds 8:18 AM today the 25th
good call - interesting

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