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.
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.
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
I have to go through my piles of paperwork , i believe when we received the memo that the mortgage was refinanced for 10 years and the then president was resigning, the same president was an investor in same mortgage bank . Also owner of managing company for cooperative apartment is on the board of the same mortgaging bank “The Westchester Bank”. This is the 3rd mortgage in a row , i believe ,from this bank , 3 annual meetings ago i called this a conflict of interest,especially since we never received a written report of the loan rates by competing banks., That would be the only way we could look at everything in the same light. However they do not want us to look at anything.
In this mortgage memo I do not believe we received any of the finance rate information nor the full closing cost and prepayment penalties. I also believe we had over a year left on our current mortgage , with a large prepayment penalty.
This board, the cooperatives apartment board has a couple of members that are beholden to the management company.
Does Barhite and Holzinger give such limited info on the buildings mortgage to the Bronxville,NY or Scarsdale, NY cooperative apartments ?
I also doubt that Bronxville, NY and Scarsdale cooperative apartment are owner occupied by under 50% yet sold at 90% owner occupied.