Scandals 7B

NOTICE:  Many of the thousands of Unit Owners may have read SCANDALS, PART #7B; also,

many have not; and, if you happen to have missed it entirely, -- it is repeated herein below exactly

as originally posted.  Bear in mind as you read this scandal that these two UCO officers, Israel and

Black, UCO's President and Treasurer (at the time) respectively, were entrusted to guard against

the making of any illicit deals that could cause harm to Century Village.  Yet their scheme went

ahead and they executed a sophisticated con game right before your very eyes.  SCANDALS,

PART #7B reveals how this con game went down.

“So what if they steal, as long as it’s not too much.” 

 SCANDALS – PART 7B 

When Israel and Black schemed to get every nickel from all of the UCO accounts to pay for the paving contracts, they came to realize that they couldn’t permanently borrow enough money from these already depleted accounts to make the paving payments.  So, what Cue-ball and Black-ball did was to go to Bank Atlantic (which is now BB&T), and ask for a loan – IT WAS A $750,000 LINE OF CREDIT. 

People were beginning to wise up to the scam, but it was too late; the Delegates were conned into approving it.  They were convinced by Israel and Black that we would probably never really need to draw down on the line of credit because, they said that “WE HAVE PLENTY OF MONEY.”  We didn’t have “plenty of money”; that statement was a LIE straight to your face. 

What was not told to anyone was that if you wanted to draw down, say $100,000.00, against the Line of Credit, you needed to satisfy the Bank’s requirement of putting up that same amount of money - $100,000.00 - as collateral.  Who in their right mind would do that?  Even the Bank advised against it.  But, that is what Israel and Black agreed to; and Israel signed those bank documents.

But, it doesn’t end at that point, -- there were closing costs comprised of Documentary Stamps, Loan Processing Fee, Courier Fee, IRS Income Transcript Fees, lender’s Attorneys’ Fee and Costs, all of which were NON-REFUNDABLE whether you borrowed any of the loan monies or not.  These fees came to $6,270.00.  UCO’s attorney may or may not have been paid in addition for his services.  Israel and Black wouldn’t tell you about these bank fees because they needed to have it kept top secret.  NOW, THIS IS A SCANDAL! 

Doing back-room business is the Israel/Black way of pulling the wool over your eyes, -- and the sad, sad part about it is that they know they can do it and nobody is going to questions what they’re doing. 

As it turned out, Dorothy Tetro became the Treasurer and was miraculously able, with professional assistance, to figure out how to make everything work without borrowing any of the Line of Credit monies.  The books are open to anyone who wants to look at them.  You should know, however, that Israel may require you to put your request for records in writing, state the Florida Statute under which you  seek such information, and state the reasons why you want to view this information.  These are Cue-ball/Black/ball secrets – top secret information.   

 It doesn’t really matter whether you mishandle $10.00 or $10,000.00, you can still be arrested and incarcerated. 

 Cue-ball, Black-ball and No-balls want Dorothy Tetro out of office because she is unquestionably honest and she knows much too much about what one officer and two former office holders have done that involves MONEY.  She is following the money trail, and she’s apparently getting very close.

The cost of the Line of Credit, $6,270.00, signed by Israel, was just supposed to go away, -- disappear.  You’ll never know anything . . .  “forget about it,” as the crooks say.  And, with the Israel/Black premise of all the money in one pot, about $7,000,000.00, and you not knowing where it is going at any one time because of concealed records, or lost records, or inconsistent records, or you need a letter with reasons for wanting to know, -- well – use your heads, -- use your common sense, -- the money was DISAPPEARING, and you’ll never be able to prove what happened to it.

Crooks do this kind of thing all the time.  Con jobs, a specialty.  Sixty Minutes on TV picked up these kinds of things all the time.  If criminals know that they can get away with stealing and robbing, then they’ll do it.  Century Village, -- a lot of dead brains out there who say: “so what if they steal, as long as it’s not too much.”  INCREDIBLE, ABSOLUTELY INCREDIBLE.

What Israel and Black conjured up was an illegal shell game done right before your very eyes.  Marshall just shook his head up and down.  Follow the money trail . . .  it’s a SCANDAL. 

EDUARDO