Success Real Estate abruptly closed its two offices in Marshfield and Braintree, leaving 12 former agents to sue owner Stephen Webster. The agents allege owed commissions and personal loans totaling hundreds of thousands of dollars. The firm operated for 32 years and reportedly recorded billions in sales over the past five years. The owner sent a note indicating the firm was to close. Sources describe a firm struggling during a slow real estate market. Questions have arisen about possible embezzlement tied to escrow funds used for deposits, closing-cost assistance, or commissions. No criminal accusations have been filed so far.
Two weeks after Success Real Estate abruptly closed its doors, 12 former agents have sued its owner, Stephen Webster, who had two real estate offices in Marshfield and Braintree. The agents are owed hundreds of thousands of dollars in commissions and personal loans, according to the Quincy attorney they hired. Success Realty firm had been in business for 32 years and recently boasted billions in property sales over the last five years.
This might be a potential embezzlement situation. Embezzlement at a real estate company would likely involve funds placed in escrow by buyers and sometimes sellers. These can be deposits on a property or, in the case of sellers, funds to help a buyer pay closing costs and/or realtor commissions. I've been told, from an agent who worked at the company, the money's gone it's a disastrous situation for everybody. It is theft. If that's what happened and those escrow funds are gone. It's a crime.
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