Editor,
I was sorry to read the story of the very large loss sustained by the Woodlake Homeowners Association in San Mateo at the hands of their former manager Ms. Lambert (in the Sept. 17 edition of the Daily Journal).
Editor,
I was sorry to read the story of the very large loss sustained by the Woodlake Homeowners Association in San Mateo at the hands of their former manager Ms. Lambert (in the Sept. 17 edition of the Daily Journal).
I found it hard to comprehend the comment of one of the members of the Woodlake Board of Directors, Mr. Davis, who said “I am very happy that finally justice may be done.”
So my answer to Mr. Davis’ comment is this: While both the perpetrator and her accomplice may end up serving time, (which may be negotiated for a shorter time), the possibilities of your association recuperating any of the funds are very small. They do not have it!
You may even find that if you have D&O coverage, the insurance company is going to aggressively question your practices and director’s oversight before paying one single penny.
If Ms. Lambert’s was the only signature required on checks, you may as well say “Adios” to your money right now.
Oscar Lopez-Guerra
San Mateo
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