AREC Cautionary Tale #1

A Qualifying Broker, Alabama was charged with violating the Code of Alabama, 1975, as amended, Section 34-27-36(a)(8)a. by failing, within a reasonable time, to properly account for or remit money coming into his possession which belonged to others or by commingling money belonging to others. Upon discussion of the evidence and testimony presented in the matter, AREC Commissioner made a motion to find the broker guilty. A motion was made to revoke the broker’s license. The broker was fined $2500.