Saturday, September 5, 2009

Glenmore Associates Reaches Out-of-Court Settlement to Pay Back Michael Comer's Alleged Embezzlement

In an effort to avoid a "lawsuit and resulting publicity that could have hurt property values and home sales," Glenmore Associates, the Developer of the Glenmore community near Keswick, has reached an agreement with the Glenmore Homeowner's Association to pay back funds, according to The DP.

Now that $ repayment issues are hammered out, the Developer and the Homeowners Association can start sorting the IRS and property ownership/tax issues.

The missing $647K funds were allegedly channeled by ex-County Club President / ex-homeowners association treasurer Michael Comer to the Developer, Glenmore Associates.  Comer disappeared July 1 before a meeting to discuss missing monies with external auditors; after disappearing for nearly a month--somewhere--he was arrested and charged with five counts of embezzlement.  In the interim, three properties in Comer's name were put up for sale. Meanwhile,  Comer is currently free on $50K bail.

The article quotes Jeff Gaffney, the brother-in-law of the alleged embezzler, and Chair and CEO of Real Estate III in Cville, on behalf of Glenmore Associates, and Trevor Joscelyne for the Homeowners Association.   Josecelyne notes that some homeowners wanted to pursue litigation; Gaffney is thankful for his neighbors.

Glenmore Associates has paid back $300,000 and has reached an out-of-court agreement to pay the $347,000 plus attorney's fees, and other undisclosed fees within a year; Glenmore Associates has proferred liens on properties to the homeowners association as part of a promissory note.

Michael Comer will next appear in Albemarle County General District Court on October 1, at 10:30a.m.

Read Bryan McKenzie's ariticle here.

5 comments:

epitome said...

This blog was the only "media outlet" in town that mentioned Comer's court date. WHY? Were's the MSM coverage of the biggest scandal this summer?

Anonymous said...

http://www2.dailyprogress.com/cdp/news/local/article/development_firm_pays_chunk_of_missing_funds/44965/

Anonymous said...

Is C'ville special? Mr. Comer/Glenmore Associates should be tried and sentenced just like those not so fortunate to be politically connected.

Does anyone know for sure that the extent of the damage goes back only 4 years and is limited to the Glenmore community? How would they know? It's important to objectively investigate this crime and not sweep it under the rug.

http://law.justia.com/virginia/codes/toc1802000/18.2-111.html

Anonymous said...

the court date change was also mentioned on WINA last week

Real C'ville - The Bubble Blog said...

Link's already included in bottom of post, Anon #1, but thanks; Anon #2, thanks for that link; Anon #3, got a link?