At least 17 Waterville Valley condo groups missing funds

Oct 23, 2012 | Posted by: roboblogger | Full story: UnionLeader.com

At least 17 different condominium associations in the Waterville Valley area reported missing funds to local police last week, triggering a weekend search of the condo management company offices and an investigation that is likely to be turned over to the county attorney or attorney general for prosecution.

Comments
1 - 2 of 2 Comments Last updated Jan 9, 2013
Former condo director

Boston, MA

|
Report Abuse
|
Judge it!
|
#1
Oct 26, 2012
 

Judged:

1

Three things: I fought with three directors on the condo board on which I sat to at least put the major maintenance reserves in a bank account that required at least one director's signature and for which the board would receive the bank statement. They refused. Bill was such a good guy, he would never cheat anyone, etc. etc. ad nauseum. I was so disgusted that I sold my condo and moved. I have offered to testify to these discussions because there are TWO types of insurance claims that can be made: one for the Bernie Madoff type theft that they were all involved with and the other under the director's and officer's liability insurance. With coverage under both, the associations may be able to get back 100% of their loss. Of course any association who puts in a claim without using a lawyer is crazy. The insurance companies just love have fools for claimants. And remember who booked all of the insurance policies: a good friend of Bill Stone's.
The second thing is that the three Stones (including the supposedly separated couple) were reportedly seen together a couple weeks ago at a posh Boston restaurant whooping it up and drinking Dom Perignon. Everything that us happening now is a scam too!
Thirdly, look up Peter McGrath on Martindale Hubbell, the lawyer's directory. His peers rate him 1.2 out of 5. That should tell you all something!!!
Two final thoughts: reportedly Tyler Springs figured out the scam and got all their money back. They must have been sworn to secrecy but even so, you would think they would have refused to keep the devils' secrets to themselves. Finally, every single director who refused to require a director's signature on the condo association's bank account because Bill was "such a great guy" should be ashamed of themselves and should immediately resign not only from their condo board but also from every board in the valley upon which they sit. A and R: this means you!!!!
Jumer

Arlington, MA

|
Report Abuse
|
Judge it!
|
#4
Jan 9, 2013
 
Most associations are only covered for $50k, but the D&O coverage is usually $1M.

Tell me when this thread is updated: (Registration is not required)

Add to my Tracker Send me an email

Type in your comments below
Name
(appears on your post)
Comments
Characters left: 4000
Type the numbers you see in the image on the right:

Please note by clicking on "Post Comment" you acknowledge that you have read the Terms of Service and the comment you are posting is in compliance with such terms. Be polite. Inappropriate posts may be removed by the moderator. Send us your feedback.

Other Recent Waterville Valley Discussions

Search the Waterville Valley Forum:
Title Updated Last By Comments
Stone Property Management Arrests (Oct '12) Tue Bam Bam 539
Maura Murray Jul 22 mcsmom 57
New Trails? Jul 6 Suprised and watching 11
Is this the year to go to Loon Jun '14 Steep and Deep 3
Financial Problems at the Mountain? (Aug '13) Jun '14 Valley Run 65
little red school house - NH artisan Jun '14 wv hh 2
Review: Gooden's Portable Welding May '14 gRass 2
•••
•••
•••
•••

Waterville Valley Jobs

•••
Enter and win $5000
•••
•••

Waterville Valley People Search

Addresses and phone numbers for FREE

•••

Waterville Valley News, Events & Info

Click for news, events and info in Waterville Valley
•••

Personal Finance

Mortgages [ See current mortgage rates ]
•••