Millions alleged missing from 50 condo associations

[DougHuntingdon]

I know Multivest was allegedly managing The Berkshire on Edgewater, at least as of last Friday. I don't know if any other associations in Lakewood were effected. Apparently they were all in Ohio. I received a report today from a source inside the Berkshire that all Berkshire residents received a letter stating that Multivest was no longer managing their property.

http://blog.cleveland.com/business/2007 ... _mi_1.html

I have seen a lot of scams of the type alleged here in the news the last few years whereby counterfeit paper statements are mailed to the victims. Often times the real statements are intercepted. The victims may be easy prey because they do not check their accounts online with the legitimate bank or financial company where the funds are actually held. Maybe they are old-fashioned and are afraid of computers, or maybe they have a lot of other things on their mind and are too trusting. Counterfeit statements are easy to make with computers if you know what you are doing.

Doug

[dl meckes]

I'd love to see an article written about this by Doug Huntingdon, Investigative Reporter.

Thanks for the heads up here.

[DougHuntingdon]

update here

http://www.newsnet5.com/news/11085844/detail.html

[ryan costa]

Condominiums cannot be trusted. Sooner or later management goes nuts.