NY-AG v. Joshua Prottas

Joshua Prottas allegedly defrauded primarily elderly shareholders on the sale of seven of the Cooperative’s apartments to Prottas and his entities. Prottas, doing business as Working Realty, Ltd., appears to have obtained a below-market sale by withholding material information from and misrepresenting details about the transaction to the elderly board members. The Attorney General’s investigation also revealed that Prottas allegedly hid a $100,000 commission that he collected from the sale. The complaint also alleges that Prottas exploited the Cooperative for his own financial benefit in other ways, such as by lending to the Cooperative at predatory interest rates and taking an unauthorized increase in his management fee, according to NY-AG.

Summary generated from official New York Attorney General press release