co-op apartments in NY state= Zero protection by the AG and westchester DA for ALL violations of the co-op laws.

If you are buying a co-op, you are the one who should be interviewing and checking out the board members individual due diligence and involvement in the operation of the building.   If  there are seat warmers on the board , who really do nothing more than what they are told to do and have no idea of their duty to the shareholders. You do not want  board where items including contractors insurance are not properly checked by the board members , and instead left up to the managing company.

If the board is not a subscriber to, or doesn’t know of the 2 major magazines which inform the readers of  the recent legal cases, liability issues,  case law , and frauds and scams  and how to spot and avoid them, They are not a  proper board and most likely there is self dealing ,  fixed voting, and probably a whole lot worse.

The attorney general, who approved the conversion plan,  Westchester’s DA will not intervene  or get involved if there is mortgage fraud , Retaliation by board members, who have  fraudulent tickets  issued  and identity theft , both from info in the coop files.  This is because you stood up for newer shareholders  who were being skipped and the board pres and vice pres were assigning  parking spaces to their non share-holder  children , bypassing all waiting  shareholders, some waiting over 10 years.

A family of grifters  who in  full cahoots with the  management company assign the wife and daughter of  the  people running for the board as the election  official for 20 plus years. 

The vice president who never paid sublease fee’s for about 25 or 30 years= about $30 grand,  That is a educated guess since I have nor been allowed to see the finances , even though I should be and have attempted to multiple times.    Inspecting the finances is listed as one of my rights as a shareholder in the proprietary lease.

I have gained that knowledge by looking at ex board members  treasury reports, which list who is paying sublease fee’s.

So do a lot of home work, and talk to someone that has actually read the proprietary lease and by-laws , and keeps up on co-op law and scams by reading the cooperator and the habitat magazine, both available online for free.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s