Desperate Times, Lead People to Desperate Measures. Or so it seems. In the last few weeks, we’ve been contacted by three different brokerages who have been the subject of lawsuits against them because of – embezzlement. Embezzlement by agents working for the brokerages – taking client’s money! One case involved property management trust accounts, the other two arose from agents “borrowing” money from their clients for “real estate deals” the agent was going to invest in for the client.
The brokers knew nothing about it. In any of the cases.
With so much turmoil in the market, with so much revenue loss impacting so many agents – will we see more of this? I’d bet so.