Associa, Certified Management’s Dallas-based parent company, sent an update to Hawaii clients last week regarding the alleged theft of funds by its former CEO.
Toni Floerke was fired last month after allegedly admitting misappropriating money from three condominium associations.
The company now says losses are at the upper end of the previously estimated range, although their internal audit was still ongoing.
In conjunction with our audit, we can confirm that Ms. Floerke used her position of authority to intentionally circumvent our accounting processes with the three associations, all ones that she at one point managed directly. We’ve now put in place protocols prohibiting executives from individually managing the financial affairs of our clients. Along those lines, we’ve received several questions around the amount of funds involved. Our auditors are estimating the amount to be approximately $100,000, and we will provide exact figures along with a reimbursement check to the three affected Boards once we know our investigation is thoroughly complete.
In addition, the company said it “will take all necessary actions” against Floerke.
And look at how quickly things change.
I was digging through the stack of incoming mail and found the last newsletter from the Hawaii Chapter of the Community Associations Institute, including this full page ad from Certified Hawaii featuring Floerke.
That’s a pretty hard fall for the popular executive.
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Has Toni lost her Hawaii broker’s license? Will she? And what about the half dozen or so other property management certifications she had earned? Does she lose all of those? Especially given that she apparently confessed.
She should, if not, why not. She’s been reported to the Real Estate Commission for stealing. From what I understand, all license and certifications will be removed so she cannot do this again.
She’s out there telling people that she did it for others, bull-shit – she used a lot of that money on herself, family and friends. Others at Certified may have known what she was doing too, and didn’t say anything. [Post slightly edited]