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45. Sales Associate as Officer of Company

Case 253, 273, 286 Matter of DOS v. DiDonato, Consent Order - sales associate held out as -licensed broker and acted as officer; restitution of commission; $4,500 fine

135 DOS 92 Matter of Lazar & Cambridge Mgmt. Corp. - salesperson may not be officer of corporation with which she is licensed

CRC #273 (286, 253) Matter of DOS v. Robert DiDonato, Consent Order held salesperson's license while an officer - $500

CRC #253 (286, 273) Matter of DOS v. Gena DiDonato, Consent Order - allowed unlicensed person to serve as corporate officer

88 DOS 93 Matter of Cappucilli - broker who fails to deliver commission to assignee guilty of conversion; failure to satisfy judgment without proof of inability to do so constitutes untrustworthiness; salesperson can't be corporate officer; engaging in business under corporate name while only licensed individually constitutes incompetency; satisfaction of judgment ordered as condition to re-licensure

CRC #400 Matter of Pozzanghera, Consent Order - failure to supervise in permitting use of trade name before being licensed and in permitting use of unlicensed branch office; failure to supervise associate brokers; improper licensure as representative broker when not a corporate officer; failure to execute termination of association cards; $7,000 fine

105 DOS 95 Matter of DOS v. Ralliford - RPL §441-b[2] does not allow salesperson to be officer; Reg. 175.22 does not allow salesperson to own voting stock in corporate broker of his association; approved study course not to be affiliated with or controlled by salesperson, Regs. 176.1 and 177.2; $1,000 fine

CRC #97-2765 Matter of DOS v. Livingston, Consent Order - engaging in unlicensed activity as an apartment information vendor; ordered to cease and desist; broker to immediately comply with RPL §441-b(2) prohibiting salesperson from serving as an officer of corporate broker and with 19 NYCRR §175.22 prohibiting a salesperson from owning voting shares of stock

122 DOS 98 Matter of DOS v. Hazor -- proper business practices; sales associate as officer of company; corporate broker dissolved by proclamation may only carry on business required for winding up its affairs; engaging in licensed activity and submitting license renewals after dissolution by proclamation constitutes fraudulent practices; failure to comply with DOS request to appear and for production of documents along with failure to comply with subpoena violates RPL §442-e (5); licensed salesperson violates RPL §441-b(2) when he serves as an officer of the corporation; brokers and salesperson’s licenses revoked

CRC #98-0504 Matter of DOS v. Freidman, Consent Order - salesperson ownership and operation of brokerage firm in violation of RPL §441-b(2); ownership of all voting shares of stock in violation of 19 NYCRR 175.22; commingling and converting funds; failure to supervise; voluntary surrender of licenses without right for application renewal for one year; restitution in the amount of $1,946.72 and $7,247.27

CRC #99-1209 Matter of DOS v. Santos, Consent Order - salesperson improperly owned and operated brokerage business and served as a corporate officer in violation of RPL §441-b(2) and improperly owned voting shares of stock in violation of 19 NYCRR 175.22; $2,000.00 fine, broker’s license to be issued upon payment of fine and satisfaction of all other license requirements

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The third quarter 2018 edition of NYSAR’s Legal Lines is now available online at NYSAR.com. This edition covers what a broker's agent actually is, the legal issues related to social media use, conditional approval for financing is not a mortgage commitment and more. Learn more

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