Angela McKee from the Emerald Pointe Subdivision Homeowners Association has reported that their account is missing 11K dollars. The shortfall was reported to the Cocke County Sheriff’s Office and investigations are ongoing.
Report Missing 11K Dollars
The Emerald Pointe Subdivision is located in the Newport area in Tennessee. Angela McKee reported that their homeowners association is missing 11K Dollars from their account at the Newport Federal Bank. The exact amount is $11,252.82. This report was made to the Cocke County Sheriff’s Office (CCSO) on Tuesday, January 2, 2024. According to McKee, the missing 11K Dollars were fraudulently taken from the Emerald Pointe HOA. The Cocke County Sheriff’s Office has assigned a detective to the case. This investigation is currently ongoing.
Fraudulent Use of HOA Funds
Three people were named as suspects in the investigation. Two of these suspects are Reginald Finegan and Linda Jean Finegan, both 64 years old from Heavenly View Way in Newport. Linda Jean Finnegan is deceased. She died in 2021. The remaining suspect is Lois Ann Kamminga, a 66-year-old resident at Emerald Springs Way in Newport.
Homeowners associations are supposed to use funds from HOA fees to maintain common areas, enforce rules, and govern the community as a whole. The board of directors has a fiduciary responsibility to act in the community’s best interest. Hence, board members are not allowed to use HOA funds for personal gain. This would count as fraud or embezzlement of the community’s funds.
However, Angela McKee said Reginald Finegan misused the missing 11K Dollars to maintain his property’s driveway. The Emerald Pointe Homeowners Association was gracious enough to allow Finegan to return the funds he used. On the other hand, Finegan never repaid the money to the homeowners association. Angela McKee documented the whole affair. She stated that Reginald Finegan was prohibited from utilizing the homeowners association’s funds for personal use.
