NYS cooperative apartments are a scam and a fraud , all due to NYS attorney general’s office refusal to enforce or intervene in unlawful or illegal activity. we are talking criminal activity. The attorney general’s office has refused to intervene with . shareholders rights to financial transparency of their coop, telling them instead to hire a civil lawyer.
This refusal on all aspects of has result in 35 years of kickbacks,frauds, and embezzlement.
Sadly there are few people now a days that have the guts to step up and challenge corruption, It is an extreme sad state of affairs in NYS , where the Attorney General refuses to back up the lawful shareholder trying to stop fraud in its initial stage
Due to the AG and the Westchester county DA refusal to even make a phone call inquiry after written information concerning mortgage fraud is received.
The District attorneys and attorney generals office also make it incredible difficult for everybody, including the disabled to file a complaint.
cooperative apartment update, forum needed for shareowners-35 plus years and no shareowner forum?
There are no cooperative apartment shareowner forums that are active that i know of. I believe this is due to the shareowner not wanting to screw themselves by broadcasting the problem and being unable to sell. This has enabled the problem to stay hidden in plain sight. I and many others have written New York Attorney Generals office for help in enforcing the financial transparency of the coop apartments, with zero assistance. I have only found two resources for coop apartments, both mainly for boards,but their is still info there for shareholders. Each has published at least one of my questions. Same with the New York Times real estate section in their coop-condo Q&A, and all in their print editions. The cooperator and the habitat magazine are the coop-condo monthly publications.
I have made a post on redditt to see if i can find any help there.
where are the coop shareowner lawyers? there are none! this is how coop boards and managing company’s act
reality is the boards and manging companies commit fraud, wide scale, on all levels, and even when they are reported, the AG the DA refuse to do anything.
This coop which was taking over by a grifter family, this happen, since there is zero state oversight.
they have been telling buyers the building was 90% owner occupied, in reality it was lower than 60%. I had my letter concerning this posted in the NY times co-op Q&A, the white shoe law firm lawyer that answered it, said this was c and i should contact the local DA office. I did , the Westchester DA said they didn’t handle that kind of stuff , i guess they don’t handle mortgage fraud?
So reality is these people lie to you, commit fraud and there is not one state agency that will do a damn thing.
the coop refuses me the right to inspect the financial, it in the proprietary lease, the attorney general said they don’t get involved, hire a lawyer, the lawyers want over %000 with they say no chance of getting your money back.
the vice president has been claiming a apartment was unsold shares for over 25 years, , yet i know it is not unsold shares and we are owed rent on it , , the managing company is in conspiracy with these thieves.
complain about this grifter board self dealing, i get false parking tickets from a vehicle that had its plates and reg turned in 2 years prior, the coop had the car info , and i got my car insurance mailed to a different address and the start of id theft. these are your board presidents.
co-op annual audits , what standards must be met? Any?
New York State Attorney General will not enforce shareholder’s right to see financials
In effect NYS is allowing the fraud to continue unchecked and the shareholders to be fleeced.
The AG tells you to hire an attorney, the attorneys wants about $5000 and they tell you that you will not be reimbursed for your fee’s. This is what happens when the coop attorneys work for both sides of the fence.
Since most of their work is for the Boards, they don’t want to ruin their feathered beds. This is a big conflict of interest
Recognizing ‘The Fraud Triangle’ / 2010 February / 2010 / Board Operations / Publication Content / Home – Habitat Magazine
Co-op / Condo Embezzlement Roundup / 2010 JulyAugust / 2010 / Board Operations / Publication Content / Home – Habitat Magazine
As usual Zero Due Diligence from board and their refusal to look into fraud by ex board president
illegal eviction in non-eviction conversion plan by board member
anything is possible when there is no agency to oversee.
NY Lawmakers have pulled the biggest real estate fraud on its taxpayers
in the 1980’s while Mario Cuomo was NY Governor, there was a huge drive to convert many rent stabilized buildings to cooperative apartments, 1000’s were converted. Many were working class buildings.
Since that time there has been no state agency to oversee the complaints of shareholders concerning the management of their building and money. This became very evident when Andrew cuomo was AG , but the AG’s office has refused to even look into complaints of self dealing, conflicts of interest, fraud, mortgage fraud.
There is this huge real estate money sucking black hole and no government oversight. The management companies, many who were the original sponsors have tuned the building into a huge cash cow.
It is the the perfect arena for theft, since shareholders are scared to make noise and lose their investment.
The yearly audit is a pure pony show, as they just OK the documents that are given to them, they perform no investigative work
Think about it, hand over the reigns of the buildings to board that no nothing, the answer is all fraud.
NYS cooperative apartments= Attorney General FAIL 