misappropriation of condo maintenance money

Started by swim
about 15 years ago
Posts: 95
Member since: Jan 2010
Discussion about
Please help me with the below problem: I bought a condo in Manhattan from a developer/sponsor. After all the units were sold by the sponsor, the building formed a condo board and hired a managing agency. There is now accusations that the managing agent of the building is possibly "stealing" or "falsifying" bills. Eg: spending $15,000 on buying old fixtures/equipment to replace "non-broken"... [more]
Please help me with the below problem: I bought a condo in Manhattan from a developer/sponsor. After all the units were sold by the sponsor, the building formed a condo board and hired a managing agency. There is now accusations that the managing agent of the building is possibly "stealing" or "falsifying" bills. Eg: spending $15,000 on buying old fixtures/equipment to replace "non-broken" fixtures to generate bills that the building's reserve pays. Obviously, the reserves will be quickly and unnecessarily depleted....and then, in my mind....then maintenance will have to increase and maybe special assessments will be needed from each unit in the building. Being the owner, I will be the one paying for increases in maintenance. I am not a board member, so wanted to see the individual bills as well as an expense report from the managing agency. Do I have a right to ask the managing agency to personally see this data or must I "beg" a board member to obtain this information for me? Other building unit owners have expressed that there are concerns that board members may be getting "kickbacks" from the managing agency. [less]