In the 1980’s when Mario Cuomo was governor, many of the rent stabilized apartments were converted to cooperative apartments. The state was supposed to enforce the guidelines in these conversion agreements. Fast forward twenty plus years and Andrew Cuomo was the Attorney General and now Governor. The few original shareholders are disabled or senior citizens, and the AG office refuses to do anything about corruption and mismanagement in the coop apartment boards and managing companies, some control the board and building by fraudulent coop voting rules they changed in the 1990’s, Yet another item the AG refuses to look into. Board self-dealing, conflicts of interest including mortgages, Board refuses to provide their contact information, and refuses to provide a list of shareholders, refusal to disclose financial information as AG’s office required at conversion.
99.9 % of owners in all coop’s do not want the truth to come out, since the price of their apartment would suffer,
This is the perfect fraud, since if one makes too much noise they lose value in their apartment.
I will not commit fraud, lie to prospective buyers, even if everybody else is.
The cooperative apartments are the cash cows for the management companies.
#cooperative apt#cuomo#mario cuomo#andrew cuomo#AG#fraud