Rose Kasande Bailey, 60, of Warrenton, was sentenced today to two years in prison for wire fraud involving the theft of over $1 million from homeowner associations (HOAs) she managed through her company, Rosewood Management and Consulting Services, LLC.
Bailey, who founded Rosewood in 2012, operated a Fairfax-based property management company that specialized in HOA services. By March 2023, Rosewood provided management services for more than 70 HOAs across Virginia, including properties in Lorton, Reston, Falls Church, and Leesburg.
The HOAs contracted Rosewood to collect dues for property maintenance and repairs. Bailey had signing authority over both Rosewood’s and the HOAs’ accounts. However, in May 2018, Bailey began transferring funds from HOA accounts to Rosewood’s accounts without proper HOA board approval, totaling approximately $1.1 million. These unauthorized transfers were used for personal and business expenses, including payroll, rent, credit card payments, and even the acquisition of another HOA management firm.
To conceal the theft, Bailey falsified bank statements and provided altered records when HOA boards requested updates on their accounts. In one instance, after an HOA ended its management contract with Rosewood, Bailey transferred $600,000 from other HOA accounts to cover the shortfall created by the departing HOA.
Bailey’s actions were discovered as part of an investigation, leading to her arrest and sentencing. She was sentenced to two years in prison for her role in this extensive fraud scheme.