Defending Victim Rights: Dispute Is Over Coast Verdict

Sarasota Herald Tribune, 1-27-2009  "Dispute Is Over Coast Verdict":  Alan Tannenbaum defending the rights of victims of financial fraud (article posted by Tricia M. Foster)

As part of the plea deal, the government agreed that Coast Bank, not the borrowers, was the single victim of the crime.

But Sarasota attorney Alan Tannenbaum, who represents more than 140 Coast loan customers, convinced the 11th U.S. Circuit Court of Appeals in December that the borrowers were victims under the federal Crime Victims Rights Act.

Federal prosecutors have filed a motion for a rehearing with the Atlanta court of appeals on the grounds that it had improperly characterized the borrowers as victims.

"The filing is notable if for no other reason than that it is the first time nationwide that federal prosecutors have joined forces with a criminal defendant to ask an appellate court to rehear a case in order to take away legally recognized rights of victims," Tannenbaum said Monday. "It is very inconvenient for the government to have victims of a crime at the table with the defendant."

www.flcommunityassociationlaw.com/uploads/file/00172774.pdf

www.heraldtribune.com/article/20090127/ARTICLE/901270335/2055/NEWS

How Was Your Money Attended to Pre-Transition?

Florida community associations are big businesses, with annual budgets for larger projects running into the tens of millions of dollars. At its inception to the point of transition to owner control (which usually is at least a couple of years), each association is operated by a board of directors appointed by the developer. During this "pre-transition" period, these developer-appointed directors are running the business of the association (collecting revenue, expending money, contracting for services, performing maintenance, establishing or waiving reserves, etc.). From the point each new owner closes on their unit or parcel, each is a shareholder and contributing member in the association.

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