Complaint / Review
Lewis Ira Rosenbaum
Trust, Trustee, Coop, Cooperative, Not for Profit, Nonprofit

Lew Rosenbaum (Lewis Ira Rosenbaum) - red flags

1. Lew Rosenbaum removed a clause prohibiting board members taking personal profits in trust agreement, and added a clause allowing board members taking personal profits. Fundamental violation of Trust laws.

2. Lew Rosenbaum is only one who has access to the coop's operating funds. This is not a petty cash accounts, but over $100,000. No interests were ever reported. Other board members claimed they do not receive bank statements.

3. Lew Rosenbaum also has access to coop's $1 million bank accounts. Banks are held in unknown small banks, e.G. Diamond bank, and frequently moved from banks to banks for unknown reasons.

4. Lew Rosenbaum requested coop pays his and other board's engineered hard wood flooring in violation of coop rules (wall-to-wall carpet).

5. Lew Rosenbaum stated the coop does not have comply with Illinois state laws, but the "by-laws" he created and signed are only governing laws. However, Lew Rosenbaum has refused to provide board meeting minutes as required by the by-laws.

6. Lew Rosenbaum stated "cash flow problem" when they ran out of money. Lew Rosenbaum stated to pay auditor to obtain "line of credit" which meant to collaterizing shareholders' units and buildings. He refused to provide prior cash flow statement and/or access to records in violation of the "by-laws" he created and signed.

7. When Rosenbaum became a chair of board, he wanted to raise rent/assessment without any knowledge. Former chair of 20 years stated he was NOT comfortable with Rosenbaum's budget projection, and did not want to raise assessment. Since then Rosenbaum raised 35% of assessment. And $1 million reserve ran out.

8. Lew Rosenbaum attempted to raise $100,000 and went to bankruptcy already with his book store.

9. Lew Rosenbaum, who is a high school graduate, stated current auditor was best, and pay $6000 to obtain "line of credit". Rosenbaum wanted auditor to help obtaining mortgage.

10. Rosenbaum spent coop's funds on his personal defamation litigation. When a female resident posted "board election by shareholders", Rosenbaum removed the posting, and accused her for violation of rule (that does not exist). She claimed Rosenbaum pushed her, and asked for apology. Rosenbaum's personal litigation costed coop about $30,000, but he consistently concealed the facts that he's using coop's funds on his personal defamation litigation.