The Chief Financial Officer of Total Realty Services has
been accused of embezzling more than $560,000 from a number of condominium
associations in Florida. Roberto Velez had taken the funds from 10
associations over a period of three and a half years. Velez deceitfully
breached the duty owed to those communities as the individual in charge of
money intended to benefit the residents living in those associations.
The
Pinellas County Sheriff office has charged Velez with grand theft.
This unfortunate incident underscores the
importance of community associations getting actual copies of their bank
statements each month. LandArc has made it a practice to include bank
statements and detailed reconciliations for each account of its customers, even
multiple reserve accounts or checking accounts in some cases.
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