Local News
A lawsuit alleges insurance money intended to rebuild the Worcester Square property was stolen by a management company.
Apartments along Worcester Square in the South End. Mark Visco, Handout
After a fire broke out in a Worcester Square condo building in the South End, rendering it unlivable, the trustees relied on their property management firm to manage the insurance funds needed to repair and restore it.
But, as construction continued three years later on the 10-unit brownstone at 30 Worcester Square, the trustees who were trying to pay a contractor this spring learned that the funds needed to pay them were no longer there, with over $800,000 allegedly missing.
In a lawsuit filed in Suffolk Superior Court on June 2, the trustees allege that their former property management firm, Premier Property Solutions, siphoned off the funds, leaving them unable to move forward with their renovation plans.
The funds were intended to help repair damage from the 2023 fire that made the five-story property uninhabitable, displacing 15 residents.
A spokesperson for Premier Property Solutions said in a statement to Boston.com that the owner plans on making the losses whole again.
While the company was founded by Robert Weintraub, day-to-day management and operational responsibilities were transitioned over the past few years to Patrick Colbert.
According to the complaint, Colbert oversaw the accounts with the trust.
“Concerns were recently identified regarding irregularities involving certain accounts maintained on behalf of condominium associations,” the statement said. “Upon learning of those concerns Mr. Weintraub immediately initiated a review to attempt to understand what had occurred and identify steps to help protect client assets.”
Upon review, the company realized that the issues “extended beyond what appeared to be an isolated accounting error.”
The company is continuing to work with insurers, financial professionals, and other parties to determine the full extent of the losses and identify potential avenues for recovery.
Premier Property Solutions declined to speak directly on the Worcester Square allegations.
“Our focus remains on supporting affected condominium associations, cooperating fully with all apropriate reviews and proceedings, and pursuing every available path to help impacted parties achieve the greatest possible recovery,” the spokesperson said.
According to the complaint, the trust for the property was formed in 2003, and Premier Property Solutions, a Massachusetts limited liability company, took over as the property manager in 2013. Premier had exclusive control over the building’s bank accounts.
After the fire, the condo owners received about $2.97 million in insurance proceeds to fund the property’s repair and restoration. The trustees said they believed the funds were deposited into an escrow account.
The trustees would regularly meet with the property management team to discuss the ongoing project. But in late May, two meetings were canceled, and they failed to gain access to the bank accounts, the complaint says.
On May 21, a trustee learned for the first time that Premier was being sold, and another entity, SBC2 Properties, began taking over Premier’s condominium management.
When the new property management firm reviewed the accounts to secure the $670,000 needed to complete the reconstruction project, they found the remaining balance was $25,000, according to the lawsuit. The trustees said there should have been close to $800,000 remaining.
Taking a closer look at the transfers, the trustees learned that between June 2023 and February 2026, there were 64 separate transactions of money moved to different accounts managed by undisclosed Premier accounts, resulting in the loss of just over $805,000, the suit says.
The trustees are asking that Premier return the funds and provide records of the money transfers.
A preliminary injunction hearing is scheduled for July 7.
Beth Treffeisen is a general assignment reporter for Boston.com, focusing on local news, crime, and business in the New England region.
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