Saturday, November 27 2021

Scott’s attorney, William Kettlewell, could not be reached for comment and licensing division spokesman Dan Rosenfeld declined to comment on why Scott agreed to relinquish his real estate license.

Scott’s official exit from the local real estate industry comes two weeks after a Boston Globe article revealed that state regulations allowed him to continue working in the area despite the federal affair, raising concerns among many. other Massachusetts real estate professionals.

Scott had started a new company, The Crawford Group LLC, based in Quincy, focusing on owner-owned properties forced to sell short. This is when a property is sold for less than the mortgage amount, with the approval of the lender.

Although Massachusetts law does not prohibit an indicted real estate broker from working while a case goes through the court system, the state has the power to suspend or revoke an indictment. license based on their own finding of wrongdoing. Last month, Rosenfeld said the state opened an investigation into Scott’s business practices shortly after fraud charges came to light in US District Court in Boston in 2010. The state “voluntarily suspended “the investigation to avoid affecting the federal matter, he said.

Jessie Cuddy, a Boston Bayside Properties real estate broker in Dorchester who had complained to Scott’s board of directors, welcomed the news on Tuesday.

“A piece of justice has been served,” she said.

Melvin Vieira Jr., an agent for Re / Max Landmark Realtors in Milton, said, “Finally the system is working. “

Scott, 46, is awaiting trial after pleading not guilty in federal court to 68 counts related to allegations he cheated on mortgage lenders. The charges relate to the sale of dozens of condominiums in Dorchester and Roxbury between 2006 and 2008.

Prosecutors say Scott, two out-of-state recruiters and others obtained funds to finance deals through “fake and fraudulent appearances” in a scam involving home conversions multi-family condominiums, many of which have been foreclosed.

Prosecutors say that as part of the alleged scheme, Scott and his partners recruited people to buy units as investments. The buyers would have been told that they would not be responsible for any down payments or closing costs, that the mortgage would be covered by the rents and that they would share in the profits when the properties were sold.

Lenders, in turn, received financial information that inflated buyers’ assets, overvalued properties and falsely indicated that the new owners planned to live in the homes, prosecutors said.

Eventually, most of the condos defaulted on payment and Scott recovered the proceeds, part of which he passed on to his partners, according to the government.

Scott’s next hearing is scheduled for May.

Jenifer B. McKim can be reached at [email protected]

Source link


No More Stories.


Commodity broker: job description | TARGETjobs

Leave a Reply

Your email address will not be published. Required fields are marked *

Check Also