NEW MEXICO – Realty employee allegedly embezzled $100,000+ from Rio Rancho homeowners association
By: Erica Zucco, KOB Eyewitness News 4 RIO RANCHO — For weeks, Rio Rancho police have investigated a business they say embezzled hundreds of thousands of dollars from property owners and homeowners associations. Meanwhile, associations are dealing with the consequences of reportedly mismanaged funds.
Money paid to homeowners associations is typically supposed to be for special touches.
“They keep the exterior of the neighborhood looking good,” homeowner Ryan Swanson said. “A lot of it has to do with the walls; we had some walls [needing] to be replaced, some of the watering that goes on…we have a pathway that connects parts of the neighborhood to keep it looking nice.”
But a letter sent to people in the Seven Bar North Homeowners Association says their money was instead mismanaged by Double R Realty. Read more: