Broker's License Revoked for Defrauding Landlords and Tenants
LVT Number: #31761
A NYC real estate broker appealed a decision by the state's Division of Licensing Services to revoke his broker's license. After a hearing, the division had found that the broker demonstrated untrustworthiness and incompetency to act as a real estate broker. The court denied the broker's appeal. The ALJ's decision was supported by substantial evidence showing that the broker mismanaged funds, engaged in deceptive and fraudulent acts, breached his fiduciary duties to landlord and tenant clients by not remitting monies from his escrow account covering rent payments, not timely refunding security deposits, falsely telling clients that their money was forthcoming, commingling escrowed funds, and engaging in poor accounting practices. The broker also had admitted in criminal court that he stole funds that didn't belong to him and engaged in a scheme to defraud.
Wilner v. NY Dept. of State: Case No. 2021-00584, 2021 NY Slip Op 06336 (App. Div. 1 Dept.; 11/16/21; Manzanet-Daniels, JP, Kapnick, Mazzarelli, Moulton, Scarpulla, JJ)