My Property Management Company took $8,000 from us!! What to do?
As it turns out, property management puts you at risk like anything else does. Hard lesson learned. We just found out 2 days ago that the owner of our property management company has been embezzeling all funds from the accounts. So this means rent received and processed for June for all of our properties with management will not be distributed to us. BIG loss there. All tenants' deposits have been taken as well. Another big loss there. This adds up to $8,000 in total for us. Others will be out much more than that I'm sure.
There is currently court action against the company and a "receiver" has taken over. But we are at a loss for what we need to be doing exactly. Is there a way to fight to get our money that is due to us? Our contracts with management are void due to fraud, right? We have tried to get some answers from the receiver and no replies yet... That's why they're called a "receiver" right? Ok, bad joke. Any help here is appreciated.