"The owner of a now-defunct South Shore real estate firm allegedly diverted more than $11.6 million from clients and employees in order to fund an "extravagant lifestyle" that included pricey car purchases, a Hawaii vacation, the rent on a Florida apartment, and more. Stephen Webster was indicted on four charges in in Plymouth Superior Court in September. He faces charges of fiduciary embezzlement, larceny by scheme over $1,200, witness intimation, and filing a false financial statement, according to court documents."
"Webster was arrested as a fugitive from justice on Sept. 29 and is being held at the Palm Beach County Jail in Florida. The details of Webster's alleged crimes were outlined in court documents filed by Assistant Plymouth District Attorney Alex Zane Wednesday. Webster, who owned Success! Real Estate, engaged in a "consistent pattern of misuse" that involved the routine use of escrow funds, the charges allege."
"Success! abruptly closed in December 2024. The following month, a dozen brokers who worked with Webster sued him, alleging that he withheld nearly $500,000 in commissions and loan repayments from them. Those losses are not part of the criminal case. The comingling of escrow accounts and others used by Webster dates back to at least 2023. State investigators began looking into Success! in March of that year. Webster allegedly showed them a forged bank letter showing an escrow account that held about $1 million. In reality, that account only had about $7,000, according to the court documents filed by Zane."
Stephen Webster allegedly diverted more than $11.6 million from clients and employees of his South Shore firm, Success! Real Estate, to pay for personal and business expenses including pricey cars, a Hawaii vacation, Florida apartment rent, and more. He was indicted in September on charges of fiduciary embezzlement, larceny by scheme over $1,200, witness intimation, and filing a false financial statement. Investigators say Webster routinely used escrow funds held in trust for other accounts dating back to at least 2023, provided a forged bank letter about an escrow balance, and was arrested as a fugitive on Sept. 29 in Florida.
Read at Boston.com
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