The property manager for a Spring Valley co-op has been fined and ordered to pay about $400,000 for the illegal misuse of the co-op’s funds. New York Attorney General Letitia James says an affordable housing development was saved from foreclosure after a two-year investigation discovered it had been mismanaged by Russell Mainardi and his girlfriend. Rockland Assemblyman Ken Zebrowski says those who committ fraud put the whole system at risk…
The girlfriend, who was not identified, was forced to resign as property manager, and Mainardi’s been permanently banned from real estate development.