Property Management Fraud Prevention

Property Management Fraud Prevention | Larlyn Property Management

News of allegations that a condo property manager in Ontario defrauded several corporations of over 4 million dollars throughout the course of 5 years is most likely leaving condo owners a little concerned about the safety of their own investment and property management fraud.

According to AM CHML in Hamilton, ON, police allege property maintenance invoices and contracts were forged, the condos were charged for work that was not completed, and assets were re-distributed from the corporations to a business account for personal use.

How Larlyn Prevents Fraudulent Activity in Condo Management Boards

As a condo owner, you most likely fear the risk of this happening to you. As a property management company with one of our specializations being in condominium management, we fear what this implies about our industry.

Larlyn would like to use this platform to assure our valued clients by sharing some of the internal multi-layer security measures we have in place to prevent fraudulent activity of our staff, our customers and our vendors.

Multi-Layered Approach to Fraud Prevention

Different employees are responsible for each stage of the procurement of goods and services on behalf of our clients:

Image representing Larlyn’s multi-layered approach to fraud prevention

  • Vendor Approval
  • Purchase Order Approval
  • Invoice Approval
  • Payment Approval
  • Cheque Signatures

The cornerstone of our long-term success rests squarely on the ability of all our employees, directors and officers to demonstrate the highest ethical standards and vigilantly protect the reputation we continue to build for our Company.  All employees as they join our team must read and agree to our Code of Business Conduct and Ethics which provides a framework for identifying issues, getting advice and making decisions.

Educated Staff Adhering to our Code of Ethics

Our staff is educated; several hold or are working toward registered property management designations and certifications including:

Building Trust with Accredited Designations and Certifications

In addition to our internal checks and balances, Larlyn is recognized by several external certifications and designations:

Accredited Management Organization Designation Awards - Larlyn Property Management

Should something fall through these multiple levels of security, Larlyn is heavily insured with crime and fidelity coverage and offers similar protection to our clients through our renowned VIP Insurance program.

Trust Larlyn to Protect Your Property Against Fraud

In a nutshell, it is best practice to have as many pairs of eyes as possible watching the books. The more property managers, board members and legal advisors who are involved or aware of the client’s financial affairs, the less likelihood there is of fraud.

What if you suspect fraud or mismanagement?  Get proof and documents to support your claim.  If you feel you are being challenged or intimidated, move up the “chain of command.”  Larlyn’s senior management is committed to their legacy of integrity, trust and care.