December 2023
I would like information on possible fraud committed by condo board presidents.
G. P.
Response from Toronto Condo News
You don’t specify what you mean by fraud. This could refer to theft of funds or lesser actions that result in personal gain. Fraud can sometimes be confused with conflict of interest or kickbacks both of which are also improper.
Accusations of fraud should not be made without proof. It is not uncommon for condo residents to make accusations of fraud or conflict of interest when unhappy with a specific condo director or board decisions.
Condo Archives maintains a Condo Fraud category under the Financial Management heading where you can read about a range of fraudulent activities including those involving condo board presidents.
Among the articles you will find there are:
- What You Need to Know About Fraud Prevention in your Condo
- Preventing, Recognizing and Dealing with Condo Fraud
- Financial Record Keeping for Condo Corporations
Articles in this area of the Condo Archives identify the many ways fraud can occur in condominium corporations, how to recognize condo fraud, what can be done when fraud is suspected, and warning signs of fraud.
Should you suspect condo fraud and lack the financial expertise to review corporation records, a forensic auditor can assist.
Best of luck.
