ARIZONA – Run rabbits run – First Service Residential bolts

 

Arizonahoa.blogspot.com: Run rabbits run – First Service Residential bolts

 

By John Sellers

November 10, 2016

 

Dear AHF

First Service Residential, the country’s largest HOA Management Company, represents 80% of First Service Corporation (“FSV”) which is a public company quoted on the NASDAQ.

We presented their Directors charged under Sarbanes Oxley with certain facts and questions related to the notion that they may be operating more as a bank than a landscaping manager. Sarbanes Oxley was corporate legislation passed in the wake of Enron. Just Google it.

These issues cover:

  1. “Round-tripping”by FirstService in conjunction with US Bank whereby as much as $1billion of HOA deposits may end up being lent back to them or others. Who knows?
  2. Failure to follow the Patriot Act anti-Money laundering rules.
  3. Worst case catastrophic risks to the ACH direct debit money transfer system.
  4. Whether they and the HOA’s they supposedly manage would not all be lumped together if FSV or an HOA declared bankruptcy.
  5. Homeowners being in default on their mortgages even if current on payments.  Read more:

 

 

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