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.
Treasurer of Mt. Vernon co-op complex charged with stealing $180G | LoHud.com | The Journal News
THESE Types of frauds and thefts have been getting exposed with the dump of the economy. Rockland county co-op also had a treasurer theft.
These thefts can happen when a solo board member or a team of senior controlling BOD (board of directors) takes control of everything and doesn’t pass on all information received to the other board members in a timely manner, meaning within the week received. not at the next board meeting, which in our co-op could be months away. The Board members that allow this to go on are not performing their board duties.
i have documented and written the BOD not doing their fiduciary responsibility a couple times.
The 27,000k budget zero drop may be one instance , The president of the BOD refuses to state when this problem was discovered. I asked this question again. at last years, 2009 annual meeting. The answer i received was a sarcastic That evening. The fiscal year ends in feb i believe, need to check on that, but is is not december and it is early in the year. The board meeting was in June, I asked one board member when they were told about the budget error, they said within about a week of the annual meeting. The error had to have been discovered by the end of the fiscal year , most like much sooner. Why this was not relayed to the other board members is a matter of concern. The board members themselves should have made known that they are to be informed of all board business within a week, if not the dame day.
I have written the BOD concerning their lack of fiduciary responsibility and the Inside dealing concerning the assignment of parking spaces, i get back a answer that they are doing everything correct.
At least i have laid the ground work for liability , and i doubt the BOD are indemnified in these actions.
Scenario: Managing agent makes mistakes in following year’s budget, drops a zero and budget is off by almost 10 percent. The board also misses the mistake. The president who is up for reelection that year with his voting partner is informed of the mistake by the managing agent , but doesn’t let the other board members know about the mistake until a couple days before the annual meeting, the mistake must have come to light many months ago since it is now April , and this is now last years budget. . The president and his voting crony run unopposed and both are reelected at the annual meeting. After the election is completed, he informs the shareholders at the annual meeting of the mistake made in last year in the budget. Shareholders are unhappy and have a lot to say but annual meeting is moved to new business, no more discussion. My question, doesn’t the board president has the responsibility to let his fellow board members know of a budget problem of this magnitude, when it is discovered, not 6 months later, and since we as shareholders are per the bylaws supposed to be given a copy of the coming years budget and last years expenses, if a mistake was made shouldn’t the shareholders have also been informed when the mistake came to light, not after the elections. Wondering how the shareholder can act on this. IMO the election should be voided since important information was withheld from the shareholders. In addition, IMO the president did not act properly by withholding the fiduciary information from fellow board member and shareholders.
a couple of shareholders are going to have a meeting to discuss the goings on at our co-op. The date is to be announced. We will do it informally , if we pick a nice weekend we can meet outside on the terrace, if we meet in the evening we can meet downstairs in the lobby.
This meeting is not being organized by the board of directors of the building .
This meeting is being put together by a couple shareholders that see things are not being run well due to a too controlling board hierarchy .
There is very little if any communication in this building.
some of the board members would like to continue that and keep the shareholders in the dark.
the shareholders need to take some ownership of this building and realize if they don’t speak up they will get nothing. More likely they will be screwed by their neighbor and board members.
as far as i i am concerned the recent elections of board members was a farce, the board president did not release damaging information to his reelection bid until after the elections were carried out at the annual meeting.
the information on the budget accounting error should have been made known to the other board members and shareholders when it was discovered.
the concealment of this error was a violation of the fiduciary duties if the board president.