HOAs with the highest number of HOA foreclosures and their management companies are listed below. Eight of the HOAs use common management companies. These management companies are Firstservice Residential, Nevada LLC, Complete Association Management Company LLC, and Western Nevada Management, Inc.
|Smithridge Park Townhouse Association, Inc.||Associa Sierra North||Washoe|
|Desert Shores Community Association||Cary Brackett||Clark|
|Boulder Ranch Master Homeowners' Association||Community Management Group||Clark|
|Spanish Springs Homeowners' Association||Complete Association Management Company, LLC||Washoe|
|Sunrise Ridge Homeowners' Association||Complete Association Management Company, LLC||Clark|
|Curti Ranch Two Maintenance Association, Inc.||Equus Management Group||Washoe|
|Desert Garden Homeowners' Association||"Eugene Burger Management Corporation of Nevada"||Clark|
|Colony North Homeowners' Association||"First Columbia Community Management, Inc."||Clark|
|Aliante Master Association||Firstservice Residential, Nevada LLC||Clark|
|Belvedere Towers Owners Association||Firstservice Residential, Nevada LLC||Washoe|
|Sky Vista Homeowners' Association||Gayle A. Kern, LTD.||Washoe|
|Rio Robles Homeowners' Association||Ideal Community Management, Inc.||Clark|
|Paradise Place Homeowners' Association||Ishana Brandner||Clark|
|Sierra View Condominium Association||Kathleen Stading||Washoe|
|Spanish Trail Master Association||Lisa Parry||Clark|
|Copper Sands Homeowners' Association, Inc.||Sierra Community Management LLC||Clark|
|Meadowview Terrace Townhouse Association||Western Nevada Management, Inc.||Washoe|
|Peavine Estates Association||Western Nevada Management, Inc.||Washoe|
|"Peckham Gardens Condominium Homeowners' Association"||Western Nevada Management, Inc.||Washoe|
|Springland Village Homeowners' Association||Western Nevada Management, Inc.||Washoe|
Navada Corporate Records
Of the over 2,252 associations in LIED’s database, only 287 had at least one HOA foreclosure. About one-sixth of all foreclosures are accounted for by 10 of the 287 associations. One HOA pursued 20 foreclosures and another had 18.
|Twilight at Boulder Ranch||10|
|Aliante Master Association||7|
In 2013, one of Saticoy’s LLC Series entities filed for bankruptcy, which was dismissed. Saticoy has also been listed as a creditor in four bankruptcy filings in the Nevada District of the U.S. Bankruptcy Court.
Saticoy Bay and the Saticoy entities have been parties in over 100 federal cases in the U.S. District Court and Ninth Circuit Court of Appeals.
|Other Real Property||58|
|Other Statutory Actions||4|
|Other Real Property Appeal||2|
Saticoy Bay has been a party in 34 Nevada Supreme Court cases. These cases almost exclusively involve mortgage lenders and banks.
In Nevada Supreme Court Case #68630, Saticoy appealed a district court ruling in favor of Wells Fargo. The case involved the title of a property that was purchased out of a foreclosure filed by an HOA for unpaid dues, despite Wells Fargo holding an outstanding mortgage on the property.
According to the Las Vegas Review-Journal, Saticoy Bay LLC purchased a home for $6,900 in back association dues and related costs in 2013.
Wells Fargo Home Mortgage had loaned the original owners just under $82,000 in 1997 for the purchase of the condominium.
The sale extinguished the mortgage held by Wells Fargo.
Saticoy sought a ruling in Clark County District Court that it was the owner of the property. But District Court Judge Ronald Israel ruled for Wells Fargo, finding that the Nevada foreclosure statute violated the State and U.S. Constitutions.
Saticoy appealed to the Nevada Supreme Court.
In the oral arguments, Saticoy attorney Jacqueline Gilbert argued that the sale was proper and asked the court to uphold the legality of the transaction and the constitutionality of the state foreclosure law. She told the Supreme Court that Wells Fargo failed to protect its interest.
Wells Fargo argued that the sale violated the due process clauses of both the Nevada and U.S. Constitutions by extinguishing its property rights without providing notice.
Attorney Andrew Jacobs, representing Wells Fargo, said the foreclosure law gave a private entity, the HOA, authority from the state to take its property without notice.
Saticoy Bay LLC has been a defendant (or intervenor/counter defendants) in nine cases in Nevada’s Eighth Judicial District Court. In addition, Saticoy Bay has been a plaintiff in 12 more cases in Nevada’s Eighth.
Saticoy Bay was a plaintiff or landlord in 35 cases filed in the Las Vegas Justice Court. Many of these cases are summary eviction and unlawful detainer cases filed by Saticoy. Saticoy Bay has also been a defendant in another four cases involving small claims and contracts.
Another company, LN Management, also shares a P.O. Box with Saticoy Bay. Per the corporate filing, LN Management lists the same registered agent and P.O. Box. Under the listed officers, LN Management lists LN Management Trust, which uses P.O. Box 36208 as its address (also used by Bay Harbor Trust).
LN Management has been a party in three bankruptcy filings in U.S. Bankruptcy Court. In addition, LN Management has been a party to 29 cases in U.S. District Court and two appeals in the Ninth Circuit Court of Appeals.
|Other Real Property||17|
|Constitutionality of State Statutes||1|
|Federal Tax Appeal||1|
|Other Real Property Appeal||1|
In the 2013 legislative session, LN Management was registered with the Nevada State Legislature as employing a lobbyist.
Saticoy Bay is listed as a Nevada corporation owned by Bay Harbor Trust, a trust that lists P.O. Box 36208 in Las Vegas as its address. Bay Harbor Trust has been a party to one case in Nevada’s Eighth Judicial District Court, which also involved Saticoy Bay and Iyad Haddad aka Eddie Haddad.
In addition, Bay Harbor Trust has also been a defendant in a case in Las Vegas Justice Court. This case was later transferred to Nevada’s Eighth Judicial District Court and Bay Harbor Trust was dropped from the filing while Saticoy Bay remained. This case is still ongoing.
Bay Harbor Trust shares a P.O. Box with several businesses registered or owned by Iyad Haddad, who is also known as Eddie Haddad on various court documents. Haddad is involved in lawsuits and bankruptcy filings for a number of trusts of various names.
The following Nevada companies also use the same P.O. Box as Bay Harbor Trust and have links to Haddad:
In addition, Haddad is listed as an officer for many additional companies that do not share a P.O. Box:
Haddad is known for buying and flipping foreclosed properties and his failed attempt to develop a 38-story tower of lofts in Las Vegas. Haddad has been listed as a creditor in three bankruptcy filings in the Nevada District of U.S. Bankruptcy Court. Also, he has been a defendant in five cases in the Nevada District and California Central District of U.S. District Court. According to a report, Haddad was listed as the managing owner of Paradise Harbor Place Trust, which filed for a Chapter 11 bankruptcy in 2012. There are also six related Chapter 11 petitions filed by affiliated companies.
Additionally, Haddad has been a party to six Nevada Supreme Court Cases and several civil cases in Clark County, Nevada. He has been a named defendant (including “intervenor defendant” or “counter-defendant”) in 17 cases in Nevada’s Eighth Judicial District Court and a plaintiff in six additional cases in Nevada’s Eighth Judicial District Court.
Furthermore, Haddad has been cited and charged for five violations involving his businesses. He has been cited for engaging in contract business or submitting a bid without a license three times, working without a business license once, and for failing to provide industrial insurance once. Haddad negotiated down his sentences to $2,300 and a suspended six-month jail sentence for the 2012 No Business License charge and paid $250 for the failure to provide industrial insurance.
Thunder Properties is a party in 36 cases filed in the Nevada District of the U.S. District Court. Of these cases, 21 were foreclosures. Thunder Properties was also a defendant in a case filed by HSBC Bank challenging the constitutionality of state statutes. Thunder Properties is listed as a defendant in 17 of the foreclosure cases in which they have been a named party.
Thunder Properties was also overwhelmingly the defendant in the other real estate related cases in which they were listed as a named party. The company is a named party in three cases appealed to the Nevada Supreme Court.
Thunder Properties is named as a plaintiff in 15 cases filed in Nevada’s Second Judicial District Court, all of which involved a title dispute or eviction. Thunder Properties has also been a named defendant in eight cases filed in the Second Judicial District Court of Nevada.
SFR Investment Pool 1 has been a party in 377 cases, of which 176 were foreclosures and another 176 were other real property cases. SFR has been a defendant in 160 of these cases, a counter claimant in 98, and a cross claimant in 88 cases.
Records from the Eighth Judicial District revealed that SFR Investments Pool 1 has been involved in at least six court cases. Four of these cases are pending, while the other two had been previously dismissed.
Surprisingly, SFR Investments Pool 1 has been involved in numerous cases at the Nevada Supreme Court level. In all, at least 91 cases have involved SFR, including cases in which they appear as defendants, plaintiffs, and other interested third parties. In most cases, SFR is the plaintiff.
A thorough search revealed at least 1,090 official records for SFR Investments Pool 1 in Clark County, Nevada – not including simple deeds. Most of the remaining official record types are either lis pendens or liens.
In the 2013 and 2015 legislative session, SFR Investment Pool 1 employed four lobbyists.
According to records provided by the Clark County Recorder, five companies have filed legal action against Holm International Properties. In contrast, Holm International Properties has filed legal action against four companies.
Out of the 17 liens filed against Holm International Properties, the City of Las Vegas accounts for 10 liens. Additionally, Holm International Properties has filed 33 liens against other entities. Many of these were against Republic Silver State Disposal, Inc., Parkridge Condominium Corp., Inc. and the City of Las Vegas.
13 entities filed official record filings, including redemptions, judgments, notices, interests, reconveyances, and defaults against Holm International Properties. Holm International Properties also filed 13 redemptions, judgments, notices, interests, reconveyances, and defaults against other companies.
Nevada New Builds has been involved in numerous cases on the federal level.
The corporation was the plaintiff in two such cases, both involving real property. A case filed against the U.S. Department of Housing and Urban Development ended in a judgment against Nevada New Builds.
Nevada New Builds was the defendant in six other cases, which are all pending except one. In the one decided case, Nevada New Builds and the other defendants were ruled against. Many of these cases involved Bank of America, Federal Housing Finance Agency, and Bank of New York Mellon.
Glenn Plantone is the managing member of Nevada New Builds and is also the registered agent of LV NV INV, LLC.
Rugged Oaks Investment LLC is controlled by NWC Funding Group, Inc., out of Redondo Beach, California.
In addition to Rugged Oaks Investments, NWC Funding Group is also listed as an officer for 10 other Nevada Corporations.
Rugged Oaks has been a party in two federal court cases, both of which were filed in 2015. It has also been a party in three cases in the Nevada Supreme Court. Two of the cases involved major banks and the third involved Alessi Koenig, a homeowner association law firm and assessment collections service.
In the lone case filing against Rugged Oaks in Nevada’s Eighth Judicial District Court, Rugged Oaks was granted a summary judgment, but the case involves other parties and is still ongoing.
In total, there are 772 documents recorded with the Clark County Recorder that list Ventures Trust 2013 as a party. Ventures Trust has not been a party in any cases filed in Nevada’s Supreme Court, the State’s Eighth Judicial District Court, or the Las Vegas Justice Court.
Ventures Trust 2013 has been listed as a party in 1,506 federal court cases. This includes 1,470 bankruptcy cases and 16 foreclosures. In these cases, Ventures Trust was a creditor in 1,445 cases, a defendant in 21 civil cases, played an unknown role in 16 cases, and was a plaintiff in 11 civil cases.
|Other Real Property||3|
|Truth in Lending||3|
|Other Civil Rights||2|
|Torts to Land||1|
|Banks and Banking||1|
|Racketeer Influenced and Corrupt Organizations||1|
Some HOA investment companies have a history of corruption and collusion. Others have a plethora of legal cases.
A blatant example of collusion between investment companies and HOAs is Belvedere Tower Owners’ Association and Secured Assets Belvedere Tower (SABT). This example, explained below, shows one individual manipulating these two companies for his own profit.
Belvedere LLC and Secured Assets Belvedere both have ties to now-deceased Bijan Madjlessi. A settlement agreement stated Madjlessi owned Belvedere LLC, which itself owned the title for a condo in Reno.
Madjlessi also controlled investment companies – Secured Assets Belvedere Tower LLC and BTM LLC – which began purchasing units within the building at tax auctions. In addition to owning the title for the property and 145 out of 176 units in 2011, Madjlessi and his wife served on the Belvedere Towers Owners’ Association board of directors.
According to records obtained by the Nevada Real Estate Division, the board was commingling assessments with SABT’s account. SABT was also paying for construction costs and these contracts were in SABT’s name. In addition, the board gave credits to units owned by the investment companies and affiliated owners. Lastly, the budgeted dues reimbursement of $819,000 went primarily to SABT, board members, and the Madjlessi family.
In April of 2014, Madjlessi was indicted on federal charges of conspiracy, bank fraud, wire fraud, and money laundering, stemming from loans made related to other projects Madjlessi was involved with in California. The Belvedere Tower Owners’ Association filed for bankruptcy shortly following this indictment in 2014, and a receiver was appointed to control the association. The association’s bankruptcy closed in January 2016.
No further direct connections between investment companies and HOAs were discovered. Due to the secretive nature by which investors such as Madjlessi chose to hide their involvement, there are likely other peripheral links not detailed here.