'Broker accused of fraud agrees to surrender license'

Broker accused of fraud agrees to surrender license

By Art C. Ryder at 07/08/07 02:49

Stonewood Consulting Inc. and its broker, Hendrix Moreno Montecastro, will forfeit their real estate licenses rather than contest a wide range of violations filed against them by the California Department of Real Estate, according to an agreement filed with the department. The real estate boom led to many instances of outright fraud, not only to homeowners who are now being foreclosed on, but to “investors” as well who viewed real estate as a commodity to be bought and sold with nothing but gains to be had. Well, those times have now past and unscrupulous brokers, lenders, and “investors” are now engaged in legal battles. The broker in this instance, Montecastro, is not even contesting the charges, willing to give up the ability to act as broker in California. Hopefully the suits against him will prevent him from practicing his “trade” in other states.

Original source: . Broker accused of fraud agrees to surrender license

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