COLORADO – Owner of Aurora HOA management company allegedly diverted funds, state officials say

DENVER BUSINESS JOURNAL: Owner of Aurora HOA management company allegedly diverted funds, state officials say

By Monica Mendoza
December 18, 2015

The owner of an Aurora-based community association management company voluntarily surrendered his license after there were complaints he was diverting homeowner association funds for his personal benefit, the Colorado Division of Real Estate announced Friday.

David W. Martin is the owner and designated manager of PMG Enterprises Inc., a community association management company. The company’s license was also surrendered to Marcia Waters, director of the Division of Real Estate, which is part of the Department of Regulatory Agencies.

The division said in an announcement that it had received numerous complaints from consumers serving as board members of their homeowners association alleging Martin used HOA funds for his personal benefit.
The complainants alleged Martin attempted to cover up the theft by providing board members with bank and financial statements that had been altered to conceal the missing money, the division said.
PMG Enterprises Inc. and Martin managed up to 13 HOAs. The division said an investigation found that after Martin executed a management agreement with an HOA, he would allegedly add his name as a signor on the signature card of the HOA’s operating account without the knowledge of the HOA. Then, he allegedly wrote unauthorized checks payable to PMG Enterprises or other payees, the division said.

In the case of one HOA, Martin allegedly wrote 62 unauthorized checks, of which 33 checks were payable to PMG Enterprises in the amount of $55,500 dollars, the division said. Read more:

http://www.bizjournals.com/denver/blog/finance_etc/2015/12/owner-of-aurora-hoa-management-company-allegedly.html?ana=e_du_pap&s=article_du&ed=2015-12-18&u=rFuEtNnpCoSO1qd%2BFguvKNdYeb8&t=1450542275

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