Treasurer of Mt. Vernon co-op complex charged with stealing $180G | LoHud.com | The Journal News

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.

how to handle problems with a co-op board

NYS Attorney Generals CO-OP FAQ

independent shareholders meeting to discuss the co-op

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.