Let’s see if we can put this whole situation into perspective. Information was gathered from others of the events.
The treasurer of the Home Owners Association (HOA) of the Village of Tony Tank – Mike Waldman – allegedly embezzles at least $250,000 from the HOA.
Allegedly the home owners of the Village of Tony Tank, of which Mr. Waldman is one, are told to keep quiet about the whole affair by their lawyer. The lawyer informs the home owners that he will get their money back.
The home owners of the Tony Tank are not happy with keeping quiet nor with paying some more money out to get what is theirs. Still they keep relatively quiet about the whole affair.
Mike Waldman - is/was the Chief Financial Officer of Iott Architecture & Engineering – is placed on “indefinite leave of absence” because of “questionable accounting practices”.
In response to Mr. Waldman’s “questionable accounting practices” Iott Architecture lays off some of its staff. Iott then removes its benefits (health, 401K, etc.) from it remaining employees. It then sales off equipment apparently to pay off some of the dept caused by Mr. Waldman’s fiscal irresponsibly and the owners apparent ignorance of his company’s affairs.
Mike Waldman is also a principal member in the Hobbs Road Development LLC. (along with Iott and Harkins Construction) which planned on making the vacant field next to the stadium an upscale office park.
Allegedly now the embezzled money has been returned. Plus interest and additional money (a bribe?).
Mike Waldman who also lives/lived in the Village of Tony Tank has allegedly placed his home on sale.
Since there is “no proof” the police will not do anything. Whatever happened to probable cause?
Except for Salisbury News, absolutely no one else in this town is concerned. The media outlets both paper and television have turned a blind eyes towards the whole thing. The police are not interested in it. No proof.
How many others were involved in this crime? Will any members of the HOA ever speak up? Will anyone care? Now I am slowly understanding all the little comments you hear about this town. An embezzlement scheme happened in Ocean City recently and you heard it on the news and read it in the paper. Yet in Salisbury, you hear nothing. Maybe those involved will start to feel guilty about the whole situation and make things right. I doubt it though.
It is a damn shame.
DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
38 comments:
I live in the Village of Tony Tank Creek and I'm appalled, sickened, disheartened,discusted,and angry at the way the thief of our money was handled. It has made me feel like an accomplice to this despicable crime. But it was the Board of Directors that made this decision not mine. If I had known what the town of Salisbury and some of it's citizens were really like I would not have moved here.
I would sign my name but I have to live here.
I guess if Ray Lewis pays everyone back for everything he allegedly stole, he shouldn't be found guilty, right?
If Chris Linus returns everything he was involved in, he's not guilty any more either, right?
Sounds like a plan to me!
Oh, I forgot to add, Barrie Tilghman takes full responsibility!
Suggest you contact the HOA Board of Directors President, Jack Nelson and try to get more information. I believed that charges would be filed after the funds were recovered. I have since heard a rumor that the authorities have been contacted. But I have been unable to determine what authorities. I hope your talent at unearthing truths will be put to use on this issue. The community deserves more information than the Board of Directors has provided them so far.
Waldman's home is currently listed for sale - MLS # 444202.
Also nameless since I live there.
there two sets of justice in this country, has been for a long time.
Here is how I understand things, after talking with some folks in the know on this matter.
Mr. Waldman essentially made an "unauthorized loan" of the HOA funds to himself, the proceeds of which he used to pay the bills of Iott.
It seems that Iott was having some cash flow problems, and Waldman reasoned that he could "borrow" this money to tide over the business until Iott could collect on some of its receivables. Then Waldman would have paid the money back, and no one would have been the wiser.
The problem is, the HOA happened to have an audit performed where the misappropriation of funds was discovered.
I assume that Iott was able to collect enough of their receivables to pay back the money, with interest. The so-called "extra" money was simply to reimburse the HOA for its legal and other costs associated with the whole fiasco.
Iott was in financial trouble before any of this happened. Their laying off folks and/or selling off of assets is a symptom of a greater problem, not a result of this unauthorized money transfer activity.
As for why everyone was mum on this issue, the deal that had been struck required Waldman (and by extension, Iott) to repay all this money, and other associated costs. The legal ramifications were that UNTIL the check cleared and the funds were back in the HOA account, any one of a number of things could have stopped the entire process from being completed. If that had happened, the HOA would have been out their money, and a long and messy legal battle may have ensued.
I believe that Waldman simply got caught with his hand in the cookie jar before he could go to the store, and replace the missing cookies.
Now, I am not defending Waldman in any way here. I am only reporting what my observations have been on the matter.
The residents of Tony Tank Village need to file a civil suit--breach of fiduciary responsibility, etc.
Is Waldman a director on the board? You don't always have to be to be treasurer. The residents need to check Maryland HOA laws to see whether or not they can file a lawsuit. In many states, you can't. It's like suing yourself, since the residents are the members of the HOA. Also, many Boards are required to have insurance to cover this type of malfeasance. Good luck.
What's happening on Hobbs Road - that big development deal smells like a dead fish.
to 5:46
Give me a break you call that reporting. Some one really gave you a snow job. Sounds more like you where one of the residents that clapped after the lawyer feed us all that crap.
From 4;18
Jack Nelson?? Same one that represents STATE Employees in grievance's.
Hey Joe, why don't you ask Michael Swartz what's going on. He works/worked for Iott.
And it's amazing that this all happened around the same time a partner was needed for the Hobbs Road project.
Mr. Waldman, being a member of the HOA board really has some good friends on the board protecting him.
I recently had over $100,000 embezzeled at my business which had to close because of that after 14 years of operation. I had the employee charged with over 16 counts of check theft. It never hit the paper and quite frankly the police aren't all that excited about pursuing the case.I will never collect a dime but he will never get a chance(I hope) to steal from anyone else. Yes, I hired the man and should have done much more background etc. As they say "Watch your enemies closely and your friends even closer."
I also am a resident of the Village of Tony Tank Creek. I am very disappointed how the Lawyer (Caldwell) Put it back on us who live here to NOT dare say a word about this to anyone! Then when the police were contacted, they would not do anything about it - said there had to be proof! A letter from the President finally arrived weeks later saying the funds were received back (plus interest) not even a signed letter!
Mr. Waldman still continues to live in the neighborhood (house for sale) , the annual summer picnic cancelled because of all this mess -...Thank you Mr. Waldman!!!
That sounds like obstruction of justice to me. If any of that money was community grant money somebody should be in handcuffs, they should have been in handcuffs anyway.
What does it take to report it? I live in the Village of Tony Tank and would be more than obliged to do what it takes and do the right thing to not protect this criminal. But when I spoke to the police about it, they could have cared less. They were not the least bit interested to even hear what was going on in the Village. I would be glad to sign my name but living in the Village of Tony Tank would make me an Alien!!!!
Isn't it the courts job to determine proof? The police can arrest you on suspicion.
Mike Waldman? Isnt he on the board at the Temple Bat yan? Just curious. The name sounds very familiar.
If so, how does he keep his position at a church?
Try the state's attorney's office
Just found this...
Circuit Court of Maryland
Go Back
Judgment Information
Case Number: 22C02000038
County: WICOMICO COUNTY
Judgment Date: 01/08/2002 Index Date: 01/08/2002 Status Date: 01/08/2002
Status: ENTERED Amount: $252,529.75 Book Page:
Plaintiff: Commerce Funding Corporation
Defendant: Waldman, Michael
Judgment Comments: Plus Atty Fees of $250.00
Yes, the Jack Nelson is the same one who represents state employees at grievance procedures. And his wife owns the two Barbs Gift and Hallmark stores.
Oh brother! Sounds like Nelson was right in there protecting Mr. Waldman and Caldwell protecting IOTT
and Waldman. What a three ring circus! Makes you want to go HMMMMMM!
Anonymous said...
Yes, the Jack Nelson is the same one who represents state employees at grievance procedures. And his wife owns the two Barbs Gift and Hallmark stores.
10:18 PM
I know the wife of the owners of the two Barb's works there with her mother. Her husband was a paid fireman in Salisbury and they also live in that development. They are very nice people.
Chris Linus? The Attorney? What did he take or steal? I thought he had a drug problem, not a thief?
I also am a resident of Village at Tony Tank Creek and absolutely feel that charges should be entered against Mr. Waldman. It is imperative that this type of behavior is on his record even though he serves no time for this crime.
FYI, I am told that all necessary information regarding this affair has been turned over to the SPD by the Board. It is now in the hands of the authorities as to what happens next.
anonymous 1:06,
I don't know who's feeding you your information but I've been told that property is in the County. It would be in the hands of the Sheriff's Department if that were true.
No Joe. The Village of Tony Tank is in the city limits.
Believe me, I pay plenty of CITY taxes living here in the VTTC.
Hopefully, the SPD will take care of this problem child!
Does Mike Dunn live in that neighborhood?
No, Mike Dunn doesn't live here. I think he lives in Tony Tank and FYI we are in the City of Salisbury. I have tax bills to prove it.
Maybe Barrie took the money and Bubba paid it back. LOL
Anonymous said...
No Joe. The Village of Tony Tank is in the city limits.
Believe me, I pay plenty of CITY taxes living here in the VTTC.
Hopefully, the SPD will take care of this problem child!
1:57 PM
You are right, the Village was annexed in the city sevaral years ago and Tom Ruark opened a can of worms because he wanted access to the development via Canal Woods, but those residents fought it. Teh Residents of Canal Woods the did the right thing to complain. Now in order to access or service that development the city has to drive through the county to get to a city development. Does that make sense to anyone. People of the county and the city you need to speak up before it is to late. This will soon be the County of Salisbury if the mare and bubba keeps annexing.
I do think Joe is on the right track with the Sheriff's Department though. They would handle the case more promptly and appropriately. Ask Ray Lewis.
The development is known as "The Village at Tony Tank Creek", not to be confused with the area known as "Tony Tank".
Anonymous said...
Maybe Barrie took the money and Bubba paid it back. LOL
4:04 PM
No Bubba didn't pay it back. Bubba doesn't pay his bills or child support. Remember, he filed for bankruptcy.
If Iott had such an enormous cash flow problem, why did they become a partner in the Hobbs Road Development project? That was an enormous undertaking that required a large cash influx to be involved in. It seems incredibly convenient that this embezzlement happened at this time.
Iott’s laying off staff and selling off asset happened after Mr. Waldman’s “questionable accounting practices” were discovered. In fact, the discovery itself was pure chance. So you could just as easily assume that everything was “okay” until Waldman got caught. Add that to the fact that Iott hasn’t even tried to get Waldman arrested and you are left scratching your head.
I also don’t buy this “the police need proof” argument in the comments. The police can make an arrest on suspicion alone. It would then be up to the court system to determine guilt or innocence. It looks as if people are being protected.
I wonder by who and why.
I live at a local rv co-op and have stumbled across the same kind of munny-money business going on. I read with interest your comments.
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