LES co-op board members investigated over missing funds

New York /
Dec.December 09, 2013 09:13 AM

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. Two boards members, Maggy Almonte and Martha Pichardo (also the board president), allegedly failed to file required financial documents with the city. Pichardo and Almonte 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.

The building is income restricted under an HPD program, according to the report from the New York Post.

“The board has not been compliant with their regulatory agreement and requirements to provide the agency with current documentation,” a city official told the Post.

Pichardo denied that she was a member of the board and that she made payments to herself or Almonte with building funds. [NYP]Mark Maurer


Related Articles

arrow_forward_ios
Regional banks starting to show uptick in loans, but want more borrowers (iStock)
Verizon to move to Essex Crossing in potential campus play
Verizon to move to Essex Crossing in potential campus play
Trust-fund kids exploit NY housing subsidy program
Trust-fund kids exploit NY housing subsidy program
Trust-fund kids exploit NY housing subsidy program
At wits’ end over stalled project, “Skybox Chelsea” developer sues partner
At wits’ end over stalled project, “Skybox Chelsea” developer sues partner
At wits’ end over stalled project, “Skybox Chelsea” developer sues partner
Lightstone Group CEO David Lichtenstein and 145 Bowery (Lightstone, Google Maps, Moxy Hotels)
Lightstone receives $130M construction loan for new Moxy hotel on LES
Lightstone receives $130M construction loan for new Moxy hotel on LES
159 Ludlow Street (Photo by Scott Lynch/Flickr)
Vacant Lower East Side lot once used by Banksy lists for $2.5M
Vacant Lower East Side lot once used by Banksy lists for $2.5M
Ryan Serhant and the Library (Getty, Donna Dotan / DD Reps)
Reading the Room: Sales launch at “Library” condo
Reading the Room: Sales launch at “Library” condo
Project Renewal CEO Eric Rosenbaum, Attorney Adam Leitman Bailey and 27 West 11th Street. (Google Maps, Facebook via Project Renewal, Bailey)
Greenwich Village site eyed for shelter has asbestos issues: lawsuit
Greenwich Village site eyed for shelter has asbestos issues: lawsuit
60 Norfolk Street with Gotham Organization Chairman Joel Picket and CEO David Picket (Gotham/Dattner Architects)
Gotham Org lands more loans for Lower East Side development
Gotham Org lands more loans for Lower East Side development
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...