The infamous David Luke Lane caught a break in federal court after U.S. District Judge Henry Wingate reduced his prison sentence. Judge Wingate's April 16 order states:
Lane was serving a 51-month prison sentence for bank fraud after he embezzled more than $2 million from Homeowner's associations he managed in the Jackson metro area.
Synopsis of Case
David Lane and his son David, operated Ridgway Lane. The realty company managed homeowners associations. Unfortunately for the HOA's and their members, Lane embezzled more than $2 million from their accounts.
Lane waived indictment and agreed to a bill of information on November 8, 2021 and pleaded guilty to bank fraud. The bill states Lane embezzled funds and provided phony account statements. Several HOA's stated in civil lawsuits that Lane refused to provide copies of bank statements. The HOA's could not even access their own accounts nor get bank statements as Lane often limited access to himself.
The younger David Lane was not prosecuted although he is a defendant in several HOA lawsuits. The HOA lawsuits are all pending. Community Bank was named as a defendant in many of the lawsuits. The bank filed motions to enforce arbitration agreements in November. Lane apparently signed the agreements as he maintained the accounts. Nothing has been filed in any of the lawsuits since November. Circuit Judge Dewey Arthur approved the motions.
Community Bank apparently has been dismissed from the lawsuits. There are several orders stating the bank was dismissed after a settlement was reached with various parties. Several more orders are sealed.
Attorney Merrida Coxwell represents Lane.
The victims and the amounts embezzled (based on civil lawsuits) are:
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
18 comments:
In my next life I want to be a HOA manager in MS.
Apparently the state does not indict for this-
Real crooks work with a pen.
Steal a pair of socks at Target and you are a thing.
Steal millions of dollars and you ate a white collar criminal!
That money was tax free for the embezellers..
Your honor, motion to fix.
Still a felon tho
Embarrassing. I thought he was supposedly dying of cancer. Has he even started serving his original blessing of a sentence?
Where is the money?
all of the above listed homeowners associations were set up as NOT FOR PROFIT CORPORATIONS.
NFPC are subject to very little financial oversight and are therefore a dream opportunity for embezzlers.
there are some former HOA board members out at the reservoir who soon will be schooled.
just like mr lane.
F this guy, and his kid. This was planned. They got my neighborhood too and it’s not one of the listed ones. I’m not 100% sure they weren’t in on it with the developer(s).
this is an old man who offered himself up as a sacrificial lamb to get his son off the hook.
his son must be a real punk ass POS.
They were such JERKS - speaking in condescending ways at the HOA meetings - and acting like they were superior. Knowing all along they were robbing homeowners of their money! Let their A$$e$ rot in jail!!!
I moved out of an HOA in Brandon because of the HOA. My new neighborhood has no HOA. The result? Nice neighborhood, better kept homes, yards manicured, no letters left on cars or the front door and no Barney Fifes patrolling their neighbors like the venomous paranoid policing done by people during pandemic.
HOAs are useless. I don't care if you say they help keep property values and the neighborhood looking nice, blah blah blah. I found that to be complete BS.
HOAs just give controlling Karens a throne to sit on and pit neighbors against each other. The management companies are hired to enforce their dues at threat of legal action or leans against your home. (Of course I signed paperwork agreeing to participate - but never again).
I also found enforcement to be selective. What one homeowner gets penalized for, another homeowner will be overlooked.
I would love to see them outlawed just to watch the Karens gnash their teeth.
@8:07am - preach
Nobody gets punished for white collar crime…no matter the amount. If you try to sue in a civil case the lawyers are the ones who get all the money!!! People with influence and money get away with anything!!!
HOA’s are fine. Serving on a HOA Board is risky mainly because financial records, contracts with venders & other responsibilities are so often poorly maintained.
HOA BOARD in Palisades let him do what he wanted. We never got an apology from them. They got dethroned and still mad about it
What is worse than this are the defunct Public Improvement Districts that never upheld their end of the bargain, never delivered the infrastructure they promised, nor the development but continue to collect taxes to cover their private debt. When you hear “innovation districts” and “public-private” partnerships. RUN!!!!
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