HABITAT
Subscribe for Daily Updates!
The AG will and has assisted many coops. If you decide to go that route, you must walk in with proof.
I guess the real question is, what is it you want? What is the goal?
Money? Retribution? Revenge? etc...
If you decide that financial restitution, then you may want to take your case civil, sue individually since the D&O will not cover intentful criminal acts.
All I all, your answer lies in asking yourself a more detailed question.
~AR
It is best not to be high profile, you will distract buyers. But, at the same time you want to nail him/her. I would personally go the civil route, even as a class action if the building agrees, and sue them personally for damages.
Hmmm, class action. Does anyone know of an existing or developing case?
From all I've heard of the coop world, you'd think there'd be a mammoth one around somewhere.
Many years ago I had proof as well as now and it was sent to the AG - a staff member there called me and we had long discussions after each of my letters with documentation - yes they are stealing you bling - no the AG will not do coops - undermanned, underfunded - and the situation has gotten worse - they did Enron and Worldcom because they are "billions and we are only millions" same situation will not do - who do you know at AG that would consider our case and others
Introduce yourself to other members of Board Talk! Log in below or register here.
Board Talk members who registered prior to March 9th, 2016 will need to reset their password.
Board Talk members who registered prior to March 9th, 2016 will need to reset their password.
Habitat u
visit habitat uHabitat U: learn about how to manage a building, and what you should know as a co-op or condo board member.
Archives
search
Search, by word or phrase, all magazine articles from January 2002 to present. You may print or email your results. Print subscribers receive free access to the Habitat Article Archive.
Ask the Experts
learn moreLearn all the basics of NYC co-op and condo management, with straight talk from heavy hitters in the field of co-op or condo apartments
Professionals in some of the key fields of co-op and condo board governance and building management answer common questions in their areas of expertise
Subscribe
join nowGot elected? Are you on your co-op/condo board?
Then don’t miss a beat! Stories you can use to make your building better, keep it out of trouble, save money, enhance market value, and make your board life a whole lot easier!
Right -- short but instructive jail terms, restitution to the coop, and, taking a page out of the securities industry, a way to bar them from holding office again.
I watched with interest that case of the guy who was kicked out of his coop, which stood up on appeal. Ditto the one in which the treasurer stole a million dollars, but the coop decided to keep it quiet. We know why -- if problems become public, buyers flee.
It's pretty hard.
Thank you for rating!
You have already rated this page, you can only rate it once!
Your rating has been changed, thanks for rating!
Board Talk members who registered prior to March 9th, 2016 will need to reset their password.