HOA president mismanaged funds then sold his unit and bounced based on fraudulent documents

Hi, I would like any advice I can get as this situation is a complete mess. My HOA is very small (4 units) and since I purchased my unit last Oct, has not held a meeting. We were aware the president was selling and he started trying to transfer responsibilities but he seems flighty so it was delayed. This past weekend, the HOA president closed without telling anyone. He still has all funds and all shared accounts. The other owner has been trying to do some digging and it turns out this year's insurance was never paid. He keeps telling us to expect everything in the mail but does not elaborate what. The financial documents he sold based on was made and signed by him with no knowledge of the other units. What can we do? I do not have the funds to dig the HOA out of this financial hole so I am panicking.