Saturday, August 20, 2016

Is it a bird, is it a bank, is it an investment manager, is it Mike Milken? No - it's........................an HOA Management Company!

FROM: John Sellers  
Sent: Friday, August 19, 2016 1:22 PM
To: Mr. Stephen Haggard, Director/President/CEO shaggard@metrophoenixbank.com
Cc: Metro Phoenix Bank Board
Robert Charlton, Arizona Department of Financial Institution
Senator Farnsworth, Chairman Senate Financial Institutions
Dan Gardner, Arizona Senate
Arizona Bankers Association
Alliance Association Bank
AMCOR

Subject: Is it a bird, is it a bank, is it an investment manager, is it Mike Milken? No - it's........................an HOA Management Company!

Dear Mr. Haggard
I am a member of The Crossings at Willow Creek HOA and have a check from them for $750 in collection with you. We also have another payment due pursuant to a default order issued yesterday by the Arizona Department of Real Estate. Click HERE.
I received some HOA records this week from AMCOR as the recently resigned HOA Management Company (The letter announcing their resignation and impending bankruptcy of the HOA is also attached HERE)
Amongst the documents I received is AMCOR’s letter dated July 7, 2015. Click HERE
It’s a remarkable letter for the following reasons:
  1. It looked more like a marketing letter from a bank such as yourselves
  2. I could not figure out whether they are an asset manager, investment manager or what. But they certainly sound like a fiduciary
  3. If the HOA is delegating all banking matters to Amcor, then by definition, it appears you cannot know the ultimate beneficiary. In which case this account is not compliant with the “know your customer” provisions of the Patriot Act
  4. It also seems to me you are delegating your unique highly regulated role as a depositary institution to AMCOR
  5. Furthermore, with respect to AMCOR:
    1. They are proven documented liars
    2. They would not know a debit or credit from a garden sprinkler
    3. They are not licensed for ANYTHING
    4. They are completely dumb. Of the estimated 300 pages of records I received, someone had spent hours redacting irrelevant names and details you can obtain in seconds at the recorder’s office. YET, they gave up this letter without a clue as to its significance – TO ME.
·   Please check my references at www.yavapairegionalcapital.com
·   HOW DUMB can you get?
  1. According to US Census data, there are 62 million people living in HOA’s. The average assessment is close to $400. With 2.2 people per household, that $1trillion annual revenues, Not counting liquid assets as reserves.
    1. Should that not concern regulators?
  2. Why are you allowing this to happen?
    1. Is this simply the cheapest way to acquire deposits wholesale?
    2. Wouldn’t toasters be much less risky?
  3. Finally see the attached letter to my own bank. Click HERE Will the check clear, and even when it does – are they good usable funds?

I look forward to hearing from you
Have a nice weekend

Regards
John Sellers

Copy
Robert Charlton, Arizona Department of Financial Institution
Senator Farnsworth, Chairman Senate Financial Institutions
Dan Gardner, Arizona Senate
Arizona Bankers Association
Alliance Association Bank
Arizona Homeowners Forum at www.arizonahoa.blogspot.com
AMCOR