The CotoBuzz Journal
Community Journalism, Newsletters and Blogs Covering South Orange County, CA
May 2007 Issue
We do not make jokes, we simply watch the LA Times, the Orange County Register and the Coto de Caza Board of directors and report the facts!
Laguna Woods Residents Outraged by Use of Credit Cards Issued to Property Manager Employees!
Concerned Residents Speak Up About Fiscal Mismanagement
April 20, 2007
A
group of concerned Laguna Woods residents got together
April 5, 2007 at the
clubhouse to discuss a number of issues
including mis-information, intimidation and fiscal
mismanagement. There
was even talk of the Oran
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There
were over 200 residents in attendance, including a
number of various volunteers working on
“discovery’ – a research group dedicated to the
compilation of factual evidence to support the
volunteer's case.
Prominent was the charge that credit cards issued to employees of Managing Agent Professional Management (PCM) employees strictly for emergency use, were being mis-used regularly. Examples include the use of credit cards to purchase $1,316 for candy from the Sees Candies and $981.00 meal at the Claim Jumper. The data presented included a number of outstanding questions as well as recommendations such as:
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Who authorized the credit cards/charges issued to PCM staff?
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Can the board of directors be held accountable for misuse of credit cards?
| Given the reported irregularities, it was suggested residents insist that the board of directors initiate a forensic audit. |  Click to join LagBlogzz |
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A press release dated April 11, 2007, issued by the Residents Voice, a community activist group, follows up on the substantive matter covered during the meeting and indicates that use of the credit cards is a breach of fiduciary responsibility. |
LagBlozz- The Discussion Forum exclusively for LWV residents |
Repeated calls to PCM General Manager Milt Johns and PCM CEO Jeffrey Olsen to comment on the allegations were ignored. We did get a call back from a board representative stating that the credit card charges themselves were known to the board for quite a while, and that the board was working on a press release of their own - no time was given for the release of such information.
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