$70,000 Vision & Board Screwup.

NOV 2011, the Board of Directors acknowledged that Management commingled the security deposits into the Corporation’s Operating Account. The Board stated the amount was approximately $70,000 (Vision does not even know the actual sum). The mamagement report AUG 2011 reveals the operating account had less than $4,000 in it at the time. The money was spent. Where? Why? Who authorized? The missing money never accounted for as a liability on the Corporation’s (supposedly) audited financial statements. 

We, VA (Valerie Arms) Shareholders are liable for the money. We have been damaged by the actions (comingling funds) and inactions (failure to correct and remedy) by Vision (Management Company) and BMs (Board Members).  

Jules Simon (AUG 2011) Management Report confirms that any money in the coop’s operating account has been spent. (We have copies).:Note-Simon is the former accountant for Valerie Arms and prepared Vision’s books for Valerie. This is a clear ‘conflict of interest’ (he was “auditing” himself! ) and another reason why Vision cannot be trusted.
*Note Simon was fired over one year ago.

Bottom line: Vision through mismanagement, malfeasance or plain stupidity mishandled our funds. The money is lost, stolen or something. The current Board refuses to take remedial action. 

To do: Call current Board Members. Call Vision. Demand a full explanation. Demand the funds are restored.

Call and fax our local NYC Councilman. Request he help us. Request he meet with us. Request he demand an investigation by the Economic Crimes Bureau of the Queens District Attorney.

Contact information:  Councilman Dan Halloran
District Office Phone 718-631-6703

District Office Fax 718-631-6707