Where do unit owners monthly common expense payments go? Usually to pay the operating costs of the condominium corporation. Not so in Chicago where a two individuals represented themselves as Chairman and President of a management company, collected monthly fees from 250 unit owners in 40 condominium associations from 2005 to 2008 and used approximately $2 million dollars of those monthly fees to pay a personal debt of theirs on a development project.
These two men created false monthly financial statements for the condominium associations - one of the reasons this had gone on undetected for close to 3 years. Needless to say, this management company is no longer in business.
This has left several condominium associations with depleted reserve funds and unpaid operating expenses.
Please see full article below for more information.
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