Monday, December 23, 2019

Bruenburg Discovers More Missing Funds

Bruenburg Homeowners Association shed some light on how Ridgeway Lane (allegedly) fleeced a multitude of homeowners associations in Mississippi.  The company managed Bruenburg's accounts at Community Bank.  The HOA examined the bank statements and discovered nearly $200,000 was missing. Bruenburg promplty sued the company as well as its two owners, David L. Lane and David W. Lane in Rankin County Circuit Court.

Ridgway Lane manages homeowners associations.  David L. Lane and David W. Lane are the President and Vice-President of the company. Eleven  homeowners associations sued Ridgway and the Lanes in Rankin County Circuit Court, alleging the defendants embezzled over two million dollars from accounts they managed for the HOA's. A list of the lawsuits and alleged embezzled amounts is posted below.

The Clinton HOA filed an amended complaint that increased the alleged losses from $188,330 to  $191,106.  Ridgway Lane provided financial statements to Bruenburg that overstated the funds in the HOA accounts.

The HOA attached a list of bank transactions to the complaint.  Improper transfers began in 2010. The transfers ranged from $1,200 to $20,000.  Things must have been coming to a head for the Lanes because there were six overdraft fees in May.    Bruenburg stated that over thirty withdrawals were either not approved by the HOA or were not "reflected in the financial statements."


The lawsuit charges the defendants with the same torts as the other lawsuits: breach of contract, negligence, fraud, unjust enrichment, and conversion.  However, the lawsuit also seeks to pierce the corporate veil:

Defendant Ridgway, Lane & Associates, Inc. is merely the corporate shell or alter ego of Defendants David L. Lane and David W. Lane. Upon information and belief, David L. Lane and David W. Lane maintains, holds or controls the majority of assets for the company and are the sole members.
The complaint also seeks a claim against the fidelity bond. Attorney Thomas Bellinder represents Bruenburg.  The court froze the assets of Ridgway Lane and the Lanes.


The Lanes are accused of embezzling from the following HOA's:

Bridgewater 2: $343,938
Bridgewater: Over 500,000
Dinsmor: $217,782
Barrington: Hundreds of thousands of dollars (An estimate of $200,000 will be used in the total as a minimum).
Bruenburg: $188,330
Oakhurst:  $168,000
Diplomat: $28,000
Palisades: $87,000
Eastbrooke: Over $500,000
Timbers: Over $90,000


Earlier Ridgway Lane posts
Injunctions issued against Ridgway Lane & the Lanes.  
Contempt for Lanes?
Ridgway Lane Update: Timber! 
Lane responds.
Eastbrooke: Lanes stole over $500,000.  
Oakhurst sues Ridgway Lane 
Payroll company sues Ridgway lane 
Ridgeway Lane Update, TRO's Extended  (Lynch Mob Edition)
Bruenburg Sues Ridgway Lane 
St. Ives Escapes 
Add Stonebridge to Ridgway Lane List 
King Kenny Rulz, Bridgewaters get freeze.  
Lawsuit: Lane Confessed 
Dinsmor losses over $200,000 
On deck: Bruenberg 
Up next: The Barrington.  
Bridgewater goes for freeze, Bridgewater at Old Agency says RL embezzled over $340,000 
Palisades plundered.  
Dinsmor HOA discoveres "irregularitites."  
Bridgewater accuses HOA manager of embezzlement. 




19 comments:

TrumpPeesOnProstitutesAndPutinTapedIt said...

How does this go on for a decade without someone checking the accounts?

Anonymous said...

It appears the Lanes have been sucking on this tit for a decade-

Anonymous said...

Don’t know the Lanes personally but I hope they get sentenced to prison and never see the light of day. I’m not religious and I don’t give two sh*ts about forgiveness or the plight of their family. These individuals are bad humans that need to suffer and their families need to suffer. That’s my holiday message :)

Anonymous said...

I know it's said here, with regularity, that no bank failed in its obligations. You reckon that's why several banks have been holding almost non-stop top-level staff meetings for a month? More than a few sphincters are tight.

Pappy Odaniel said...

@9:08...RL falsified bank statements and provided them to the HOAs. They would show all of the authorized payments but none of the unauthorized transactions. Seems like Community Bank have then care blanche access to any and all funds of the HOAs they managed whether or not the HOA authorized it...of course RL could have duped them as well. Wasn’t Community Bank involved in Pinnacle as well? And aren’t they anchoring that oh so desperately needed retail, commercial and townhouse boondoggle in Flowood?

Anonymous said...

9:08 am

Richard Ridgway and Lanes wired money from account to account to cover up shortfalls

Anonymous said...

@11:25 AM - Yep, known as a Ponzi Scheme.

Anonymous said...

There's no way Community gets out of this unscathed. They're just trying to figure out who's going under the bus first.

Netanhayu too a dump on Obama's Face said...

Standing by for indictments in 5, 4, 3, 2, 1...

Anonymous said...

Since this appears to have started back in 2010, then the question that I have is:

Was Richard Ridgway still involved with Ridgeway Lane back then?

Anonymous said...

Will be interesting to see how many accounts, transactions and wires go back to 2010? Might in incorrect but seems like Community Bank was also the Ridgway lender on the large Flowood development that ultimately was foreclosed on! If assumption is correct the bank also received a substantial judgment against Ridgway afterwards.

Anonymous said...

The ceo of community bank is now unemployed do a little digging and you will see it is true.

Anonymous said...

Didn’t have to dig very deep to see he fits right in there with the Lanes.

https://shadyceo.com/corruption/

Anonymous said...

12:51 - Nope...it's known as kiting.

Former State Treasurer said...

This illegal activity is not a ponzi scheme by any stretch of the imagination. A ponzi is altogether different and need not be an illegal scheme.

Social Security is a ponzi reality. So are most retirement systems that are underfunded, yet they're not illegal. So is the municipal water department and the family weekly allowance plan if you have seven children. Some are planned and never go bust while others are accidental and can either recover or blow apart in mid-air.

Funny that no government operated ponzi ever blows up since they can print money.

Anonymous said...

But, hold on! If 'more missing funds were discovered', that's a good thing, right?

Anonymous said...

A ponzi by it’s definition is illegal. Not that this was really a ponzu.

Anonymous said...

you can try to blame Ridegway Lane or Community Bank --- and Ridgeway Lane allegedly may have embezzled the money --- but only a host of fools continuously accept separate cover documents created by their managing company without ever insisting upon the bank statements that support them. #stealourmoneyplease

Anonymous said...

@9:43 EXACTLY! I hear it’s really going down in some of these neighborhoods where the HOA members get that their boards have failed them and are actually succeeding at removing their board members and electing new ones. Good for them! The kings and queens of these boards are incredulous that anyone could dare to think or even allude to the fact that their neglect was indeed wrong and a problem is honestly funny! Boy is there some drama out there. Whatever happened to accountability and ownership? The fact that HOA members have to mobilize to actually show a board they are culpable and then to have to deal with outrage by that same board that anyone not appreciate them and kiss the ring is incredible. Yes this is happening and yes it is sad. Have some respect and own the fact that you abandoned post people.


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