The city is investigating two board members at a 28-unit Lower East Side co-op building who allegedly stole $120,000 from the property’s bank account over the course of a year.
Complaints from other shareholders at the six-story building at 157 Broome Street led the Department of Housing Preservation and Development to review tax data, according to a report from the New York Post. Maggy Almonte and Martha Pichardo, the board president, allegedly failed to file required financial documents with the city, sources told the Post. Pichardo and Almonte, for example, both received $29,881 in salary, or “management fees” in 2010. They wrote checks to themselves for more than $38,400 over a span of eight weeks, tax records show. [more]