The new board

The next AGM was held in late 2015. This time there were only two or three armed security guards. Even though their intimidating presence was protested, the lawyer chairing the meeting refused to have them removed from the room.

The auditor's financial statements were far more candid than his previous two annual reports. The Reserve amounts that the board reported in their financial statements did not actually exist. That was stated twice, once on the front page and again in the notes.

Elections
Greater Toronto terminated their services and found a different property management company to take their place. The owners were surprised to hear that none of the three directors would seek re-election. The opposition took all three positions on the board.

Aftermath
The new three person board immediately replaced the condo corporation's property management company that was brought in by Greater Toronto, the law firm and the auditor. No surprise there.

The new president made it a mission to find out what happened to the monthly expenses and the special assessments that were raised by the board.

Working long hours, he discovered many questionable expenses. The financial records were very poor. The president hired a forensic auditor to help him prove that the corporation was a victim of fraud.

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