The Division of Florida Condominiums has received a reply from Nautilus Development Partners, LLLP:
“It was alleged that the Developer commingled Developer funds with Condominium funds.”
The reply said in part:
“The Respondent’s written response indicated that the Management Company had installed an electronic check scanner in the 2nd quarter of 2010 that produced a banking error caused by the scanning software. At that time money intended for the Nautilus Cove Condominium account was inadvertently deposited into the Nautilus Cove Development Partners account and vice versa. In addition, a review of the evidence provided by the Association revealed that the corrective action for this issue had already been taken by the Association performing a full audit of both accounts and transfers were made to the appropriate accounts. The deposit that was referenced in September of 2010 (4th quarter) by the complainant was actually put into the correct account number, but the name listed was that of the Developer. That has since been corrected by the Respondent.”*
The correspondence referenced is available in full at the direct link, the prior posts on the matter have been moved to this site:
http://nautiluscondopanamacitybeach.blogspot.com/
*Despite the assurances of Concord as above, our Association checks for quarterly dues are still being flagged for the Developers account, but it seems that the correct Assn account number is being used.
*Despite the assurances of Concord as above, our Association checks for quarterly dues are still being flagged for the Developers account, but it seems that the correct Assn account number is being used.
See below for most recent example (account #'s redacted):
