Arizona HOA Thrown Into Receivership Amid Allegations Of Board Members' Fraud, Theft Of Association's Funds

In Pinal County, Arizona, the Arizona Capitol Times reports:

• A Casa Grande homeowners association was placed in receivership, following allegations that board members drained funds for their own benefit - including what was described as the “theft” of more than $600,000. Pinal County Superior Court Judge Robert Olson’s Sept. 30 order placed a receiver in charge of the Desert Carmel Lot Owners Association.

• Along with other reasons, Olson cited a board member’s unauthorized withdrawal of $665,000 from association’s account. “The court finds that the parties controlling the DC Lot Owners Association were grossly negligent in failing to protect to, protect, preserve or detect these withdrawals, which constituted the bulk of the liquid assets of the association,” Olson said in his order. “This alone justifies the appointment of a receiver.”

For more, see Casa Grande HOA stripped of powers over accusations of theft and fraud.