Monday, May 29, 2017

One-Year Probe Leads To Arrest Of Hubby & Wife Who Once Served As Condo Association President & Treasurer For Allegedly Filching Approx. $134K From HOA's Coffers; Defendants Also Face Lien Foreclosure For Failure To Pay Periodic Dues

In Bradenton Beach, Florida, The Anna Maria Islander reports:
  • A former president and treasurer of Gulf Reach Condominium Association in Bradenton Beach have been charged with defrauding the Florida not-for-profit corporation of more than $50,000 over a six-year period.

    The association address is 1303 Gulf Drive S.

    Alyson Colosia, 51, and Javier Colosia, 53, who also own a condo in the 1300 block of Gulf Drive North, were arrested May 3 and charged with the first-degree felony.

    The couple pleaded not guilty May 9 in 12th Circuit Court, posted $20,000 bond and were released that day from the Manatee County jail.

    Their ability to post bond was delayed by the court to ensure none of it came from a nefarious source. A court investigation into the bond money showed a parent provided the funds.

    According to police and court records, the couple made about $134,000 in unauthorized ATM cash withdrawals and other transfers between January 2009 and August 2015.

    The alleged fraud was revealed by new leadership of the condo association in March 2016.

    The three-unit association installed a new board Aug. 8, 2015, and its new president, Alan Gary, reported the alleged theft to the Bradenton Beach Police Department in March 2016.

    Gary said he attempted to obtain the financial records from the Colosias, who had controlled the association’s finances since its inception in 2004, but they refused, and the board commissioned an audit.

    Gary went to police with the audit and annual financial statements prepared by the Colosias.

    According to the police report, the Colosias failed to pay association dues and pocketed money acquired from renting vacant units without authorization.

    The couple allegedly skimmed $500 a day from the association bank account for about six weeks.

    Transfers from the account also went to a company the couple owned and managed, according to a BBPD report.

    The state and BBPD spent a year investigating the couple before making their arrests, Gary said.

    The association has filed a foreclosure against Colosias’ unit for their failure to pay dues.

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