Real Estate Board Announces Enforcement Action
REAL ESTATE BOARD SECURES LICENSE SURRENDER OF ROSLINDALE REAL ESTATE BROKER
BOSTON – The Board of Registration of Real Estate Brokers and Salespersons today announced that Mark Reinhold of Roslindale voluntarily surrendered his real estate broker license to the Board, in response to allegations that he failed to return escrow funds to a client.
According to the complaint filed with the Board against Reinhold, a former client alleged that Reinhold and a former real estate broker received $21,250 in funds to hold in escrow by Reinhold’s real estate corporation, River Bends Real Estate Group, LLC, and that the corporation subsequently failed to return the funds to the client. The former broker, Michael D. Scott, was indicted in March 2014 in U.S. District Court on five counts of wire fraud, relating to real estate escrows funds collected from 2001 to 2013. The Board previously secured the surrender of Scott’s real estate broker license.
In resolution of the complaint against him, Reinhold agreed to surrender his broker’s license to the Board. Additionally, the surrender agreement prohibits Reinhold from holding any funds in escrow and requires him to notify all individuals, businesses, corporations, and other entities that he currently represents that he is no longer licensed and is unable to represent them. Reinhold is also barred from applying for a new license for three years, and must provide evidence that he has returned any funds held in escrow to his former clients prior to applying for a new license.
The agreement also required Reinhold to formally notify the Board of his resignation as the broker of record for River Bends Real Estate Group, LLC and Solomon Mark Corporation, doing business as Boston Gateway Properties and Management, and prohibits him from serving as the broker of record for any other real estate corporation licensed by the Board. The Board did not agree to issue a new license to Reinhold if he applies for a real estate salesperson license after the three-year surrender period.
Licensed real estate brokers and salespersons assist consumers wishing to purchase, sell, lease, or exchange real property. The Board seeks to protect consumers by exercising its authority to discipline real estate agents who violate licensing laws and regulations. Currently, the Board licenses more than 71,000 individuals and businesses in Massachusetts, and also regulates the curriculum and operation of real estate schools.
The Division of Professional Licensure (DPL) is a regulatory agency within the Office of Consumer Affairs and Business Regulation. The agency is responsible for ensuring regulatory compliance and the integrity of the licensing process for approximately 370,000 licensees in trades and professions under the jurisdiction of 31 boards of registration. DPL also licenses and regulates private occupational schools.
Consumers are urged to visit the DPL's website at www.mass.gov/dpl and select the "Check a Professional's License" link to determine whether a professional with whom they may do business is licensed and in good standing. Follow DPL on Twitter @MassDPL.