Illegally aquired units in a condo association

Five years ago our 55 and over, 385 units condo association hire a cam manager. The first year seem to work out well. Then the Board hired
an electrician/ outside manager over the three association's maintenance men. We later found it that he was her
boyfriend and/or husband. The two of them along with some other unsavory people connnected with them acquired around 24 units.
All of these units were put in a several LLC names with the boyfried being the manager of all of them. Some were foreclosures.
When this information was found out, one member on the Board called the police and fired the manager along with her boyriend/husband.
Needless to say, they took all the files of the units they acquired but that was not noticed until a year or so later.
When a new Board was elected they hired a forensic auditor. His reports came back that there was wrong doings but since
a member of the Board, who claimed ignorance of the sitution, notarized all of the transactions and another Board member
signed them, that there is nothing the association can do. We would still like to have them prosecuted. Any suggestions? on
how we should move forward? Our by-laws do say that if a unit is for sale it has to be posted giving owners 1st choice to buy
but the the maximun units an owner is allowed to own is two.

Lynda - are you saying these units were being foreclosed on by the association for non-payment of assessments, not a bank foreclosure? In Florida, all foreclosures are judicial, and handled through the court.
Or, were these units that just came up for sale?

Legally a LLC is an individual. So if he setup 24 LLC's with 1 unit each, he would still be legally be ok with your rules. Really nothing you can do.

My thinking is along the lines of Augustine's. In addition, I'd like to see the wording that limits condo ownership to just two units. And where this restriction is. It seems odd it'd be in the bylaws.

I also tend to agree you need legal advice.

This is my thinking. I bet when "the board called the police" I bet the police laughed. OP for sure needs some legal help but I think it's better than even odds that the property manager and her friends did nothing illegal. Shady behavior... certainly. Illegal? OP will have to pay to find out.

Good point. The 2018 FHA rules (guidelines) require that less than 50% of a condo's units be rentals. Also a single investor can own up to 50% of the condo's units. Why the limits? Try living in a condominium where around 50% of the residents are renters, and one may see what is described here, from 2015:
https://www.marketwatch.com/story/too-many-renters-are-a-bad-sign-in-a-condo-complex-2015-04-27

Excerpt:
~~~
In the condo ownership arrangement, all unit owners strive to ensure that the condo complex is run properly, with common element areas kept clean and in good repair. Such common care is conducive for better living conditions in comparison to ordinary apartment living.

In contrast, a renter doesn't have a personal stake in the ownership of the condo building and may not be committed to looking after the complex as the unit owner. Renters are far more likely to break condo rules regarding noise and upkeep of the common amenities, resulting in the degradation of the complex. A complex that is heavily rented out becomes unappealing to potential buyers.

In fact, many financial institutions judge a condo complex to be risky if more than 25% of the units are rented out and refuse financing to new buyers. As a result, such condo complexes may become desperate. To attract buyers, they may start selling the vacant units at lower prices, adversely affecting the value of the other units within the same complex. As the complex makes the transition from mostly owner-occupied to mostly rented out, it enters a very dangerous stage: It may degrade itself to the point of depleting its budget and reserve fund. If the unit owners cannot replenish those funds, as a last resort, a common loan is arranged for the complex to maintain its very existence – passing the costs and repayment of such loan to the condo unit owners.
~~~