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:
- 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:
- Accredited Condominium Manager
- Accredited Residential Manager
- Certified Apartment Manager
- Certified Commercial Investment Manager
- Certified Property Manager
- Registered Condominium Manager
Building Trust with Accredited Designations and Certifications
In addition to our internal checks and balances, Larlyn is recognized by several external certifications and designations:
- Institute of Real Estate Management (IREM)’s designation as an Accredited Management Organization (AMO)® joining the ranks of the most respected property management companies in the world
- ACMO (Association of Condominium Managers of Ontario)’s certification provides evidence we apply core operational standards and ongoing performance measurement resulting in predictable and high quality levels of service
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.
