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Fraud: Inevitable or Preventable?

January 27, 2010 - Sylvia Heldreth
I recently read about a Broward County man who stole nearly $1 million from a condominium community. He will spend the next 20 years in prison and will have to pay the money back with interest.

The fraud took place over a two year period after the perpetrator was elected treasurer of the board giving him access to the group's funds. He set up a fake cleaning business and wrote checks from the condo association's account to the phony company, forging the names of some residents who had supposely signed for the services performed. He was caught when one of the names he forged on a check was that of a deceased, former resident. He used the money to live a lavish lifestyle, prosecutors said.

I mentioned this case to a condo board member who is a client of mine. His response was that the condo management must have been negligent. Another board member client thought that there was nothing that can be done to prevent fraud.

What do you think?


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