Senator Espada accused of using nonprofit’s funds for Bronx co-op

A nonprofit founded by State Senator Pedro Espada Jr. paid more than $50,000 over the past two years for a Bronx cooperative the elected official used to fulfill a residency requirement for his run for a seat in Albany, state Attorney General Andrew Cuomo has alleged in a complaint that accuses the elected official of using the nonprofit for his personal use.

Cuomo charged Espada and 19 additional executives with taking more than $14 million from the Bronx not-for-profit Comprehensive Community Development Corporation, known as Soundview, over five years.

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Cuomo filed the civil complaint in New York State Supreme Court today.

Espada said in a statement that the allegations were unfounded and politically motivated. “We are turned upside down several times over — audited by and meeting regulations set by federal, state and local agencies,” he said.

Since January 2008, Soundview has paid more than $50,000 for the monthly maintenance and mortgage payments for the co-op apartment 4B at 325 East 201st Street, the office of the attorney general said in the complaint. Espada’s permanent residence is in Mamaroneck, in Westchester County, the filing said.

Espada, who is president and CEO of Soundview, and his wife Connie bought the apartment in August 2007 for $225,000, city property records show. TRD

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