Last Updated: 07/29/2013
In late October, 2012 twenty condominium associations made criminal complaints to the
Waterville Valley Police Department regarding alleged misuse of association funds by
Stone Property Management Company. Stone Property Management (SPM) has been
providing property maintenance and financial management to Waterville Valley property
owners for several years.
The Waterville Valley Police Department opened an investigation into the complaints.
WVPD has turned over the investigation to the FBI, the US Attorney’s Office, and other
I am looking for an update to the Stone Property
Management case. Who should I contact?
All inquiries should be made to:
United States Attorney's Office - NH District
AUSA Bill Morse
53 Pleasant Street, 4th Floor
Concord, NH 03301
Main Phone: (603) 225-1552
Main Fax: (603) 225-1470
TTY Phone: (603) 226-7777
Who is conducting the investigation?
The FBI is in charge of the criminal investigation. The Waterville Valley Police are assisting
the FBI as needed. Ultimately any criminal complaints, if any, will be prosecuted through
the NH District of the US Attorney’s Office.
How can we reach Stone Property Management?
Stone Property Management’s office number is 603-236-4131. Anybody wishing to contact
Sean or Bill Stone can do so through their attorney:
McGrath Law Firm
20 Montgomery Street
Concord, New Hampshire 03301
1-800-283-1380 - Fax: (603) 228-8095
Do you have any consumer safety tips going forward?
There are national organizations such as the Community Associations Institute and
the Community Associations Network that can help answer questions that your
association may have on organizing your financial and property management
Associations need to take an active role in the financial aspects of their association.
Regular audits should be conducted by a third party, certified public accountant. The
reports should then be given directly to the association and a copy to the property
All bank accounts need to be monitored by the association. This means that all
associations should receive regular statements directly from the bank and a copy sent
to the property manager.
The association representative (treasurer, president) needs to be listed as a signatory
on all bank accounts. This ensures that an association can have immediate access to
bank records. Establish on-line account monitoring. Members of the association can
look at the current state of their accounts and address any issues in a timely fashion.
Place safeguards in association contracts with the property manager, such as
approval from the association for purchases or transfers over a certain dollar
amounts. Such an approval may require signatures from the association
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