# Newport Bay club - ex GM charged with embezzlement from HOA



## TUGBrian (Sep 13, 2014)

basically stealing from all the owners...classy guy

http://www.sfgate.com/news/crime/ar...mployee-charged-with-embezzlement-5753106.php


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## emeryjre (Sep 18, 2014)

*Where was the oversight or audit committee*

This is why it is important to keep track of the funds on regular basis.  The purpose behind audit committees


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## sjuhawk_jd (Sep 19, 2014)

emeryjre said:


> This is why it is important to keep track of the funds on regular basis.  The purpose behind audit committees



Thanks for your expert insights. 

Large corporations with Fancy SEC regulators, professional auditors, etc. can not keep a tab on these while collar criminals. So, asking an HOA to have a well-functioning audit committee is a long shot.


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## TUGBrian (Sep 30, 2015)

well, this is certainly an interesting twist in this story....talk about a complete 180!


http://patch.com/rhode-island/newpo...harges-seeks-damages-wayward-timeshare-board?




> Embezzlement charges filed last year by the state police against Portsmouth resident Tim Roche, the former manager of the Newport Bay Club timeshare association, have been dismissed.
> 
> Exonerated in the criminal courts, Roche now wants to clean the stain from his reputation. And with the backing of some of the timeshare association’s 1,500 homeowners, he is waging a civil battle against the association’s board that he alleges has been violating bylaws, not paying dues, negotiating sweetheart leases for themselves and paying themselves with no-bid contracts.
> 
> Roche is seeking $5 million in damages from the board in a counterclaim he filed in response to a suit the board filed at the time of his arrest last September.


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## Maple_Leaf (Sep 30, 2015)

TUGBrian said:


> ...he is waging a civil battle against the association’s board that he alleges has been violating bylaws, not paying dues, negotiating sweetheart leases for themselves and paying themselves with no-bid contracts.



Sounds like just another day at any developer-controlled resort.


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