People in Kansas and Missouri Homeowner Associations must have wondered why they weren’t being hit by embezzlers. Were they just more honest, maybe luckier? Maybe people in the Midwest just respect each other a little more?
But then, maybe not. The feds in Las Vegas have learned how the corrupt HOA system is bleeding dollars away from homeowners across the nation. Now U.S. Attorney Beth Phillips theft has released info that should shock a lot more homeowners.
She has arrested the owner of a Kansas City business for stealing more than 750,000 dollars of money from his neighbors. And he has pleaded guilty. Dozens of homeowners associations were hit while 53 year old Dale Palmar of Kansas City, Missouri just raked it in.
I’ve argued at length that wherever you look in this country, you’ll see the signs; homeowners being excessively fined for minor infractions, insurance money that’s supposedly paid, but just doesn’t quite lead to the expected repairs.
The message is crystal clear: the HOA movement is one of the most corrupt institutions this country has ever witnessed. The loss of money through the HOA system is massive and almost unprecedented. When you sign those CC&Rs just remember you’re putting your retirement savings, your equity into the hands of all your neighbors.