At least 17 Waterville Valley condo groups missing funds
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.
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#1 Oct 26, 2012
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!!!!
#4 Jan 9, 2013
Most associations are only covered for $50k, but the D&O coverage is usually $1M.
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