Last Updated: 07/29/2013 Background 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 Federal agencies. 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: Peter McGrath McGrath Law Firm 20 Montgomery Street Concord, New Hampshire 03301 1-800-283-1380 - Fax: (603) 228-8095 www.mcgrathlawfirm.com Do you have any consumer safety tips going forward? Yes. 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 services. 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 manager. 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 representative(s). [Back to Top]
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Waterville Valley, New Hampshire Department of Public Safety
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Waterville Valley, NH Department of Public Safety 14 TAC Lane / P.O. Box 500 Waterville Valley, New Hampshire 03215 Office: 603-236-8809 Dispatch: 603-236-4732 or Duty Cell Phone: 603-254-6708 Fax: 603-236-2056
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