New Tucson Unit 5 Budget, 31 Dec 2008

It boggles my mind looking at these budgets from after the prior majority lot owners went bankrupt and caused National Bank of Arizona to lose $35-million, the biggest loss in their history. The prior majority owners never paid any dues.

“WRS” refers to “Western Recovery Services, LLC,” which sold our Special Assessments for lot development to suckers. The HOA allegedly “sold” the Assessments to WRS. WRS is actually a shell company of the former majority lot owners called, “Equity Lenders & Consultants, LLC,” many of the people in WRS & EL&C are being sued by one of the “suckers” who invested $2-million, some of it in “New Tucson.”

Western Recovery Service

A Search of the Pima County Recorder’s office shows Western Recovery is still active in stealing lots from people.

Who is Western Recovery Services

Who is Western Recovery Services, Western Associates Development? They are the former majority lot owners and members of the HOA boards being sued for securities fraud by Derry Dean Sparlin, Sr. (Click pic to enlarge.)

Western Recovery Lawsuit

Western Recovery Lawsuit. Click pic to enlarge. Attorney for this case is Kenneth E Chase, from Scottsdale, he specializes in securities fraud. The Complaint is about 50-pages and reads like a novel, brilliant work and research. I sent Mr. Chase info (email) about these guys but never heard from him.

Read entire Sparlin lawsuit HERE or HERE, New Tucson is mentioned on pages 28 & 55. 2nd Amended Sparlin Complaint

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Note the $800,200 “Purchase Agreements” liability for WRS (Western Recovery Services), what is this for?

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unit5report0001

Where did all this money go??? See “Bad Debt Writeoff,” which is probably because the prior majority lot owners never paid any HOA dues. I was told at an HOA meeting there was never a forensic examination of the books by National Bank of Arizona. In China, banks would lend money to developers and both would skim money, take kickbacks and pay themselves handsomely:

In China, ventures may be spectacularly unprofitable, yet enrich everyone lucky enough to get a piece. Developers, for example, construct vacant office buildings as an excuse to borrow from state banks. They rake off a cut for themselves, pay bribes to the party officials who deliver the land and reward bank functionaries with sumptuous banquets and trips to Macao. Soon enough, the trophy skyscraper descends into financial disaster, but the developers, bankers and party officials have already extracted their riches, and for long afterward they will still enjoy them. “Lessons the Teacher Forgot,” New York Times, 16 May 2009.

Under new management.

Under new management, total waste of money.

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4 Responses to New Tucson Unit 5 Budget, 31 Dec 2008

  1. Pingback: Thanks to all who called « Sycamore Vista Land Fraud

  2. Chuck Lavey says:

    This looks like you a case of securities fraud. You should contact a stock fraud attorney http://stockfraudny.com to get some professional advice. It is very possible that you’ll be able to recover your losses based on the info you are presenting here.

  3. Pingback: Statements of fact | Sycamore Vista Land Fraud

  4. Pingback: Lot cleanup: the HOA and Russo are unconscionable | Sycamore Vista Land Fraud

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