ARIZONA – Run rabbits run – First Service Residential bolts
Arizonahoa.blogspot.com: Run rabbits run – First Service Residential bolts
By John Sellers
November 10, 2016
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:
- “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?
- Failure to follow the Patriot Act anti-Money laundering rules.
- Worst case catastrophic risks to the ACH direct debit money transfer system.
- Whether they and the HOA’s they supposedly manage would not all be lumped together if FSV or an HOA declared bankruptcy.
- Homeowners being in default on their mortgages even if current on payments. Read more: