• Report: #1126409

Complaint Review: Jason Cox - Suspended license

Thank You

Read how Ripoff Report saves consumers millions.

  • Submitted: Tue, February 25, 2014
  • Updated: Tue, February 25, 2014

  • Reported By: Laura — North Carolina
Jason Cox - Suspended license
Graham , North Carolina USA

Jason Cox and East Coast REO disciplined by NCREC - Suspended License Defrauded public and banks he works for Graham North Carolina

What's this?
What's this?
What's this?
Is this
Ripoff Report
About you?
Ripoff Report
A business' first
line of defense
on the Internet.
If your business is
willing to make a
commitment to
customer satisfaction
Click here now..

Does your business have a bad reputation?
Fix it the right way.
Corporate Advocacy Program™

SEO Reputation Management at its best!

State board suspends Graham real estate agent’s license

Published: Thursday, January 23, 2014 at 16:25 PM.

The N.C. Real Estate Commission has suspended a Graham real estate agent’s license after finding “improper, fraudulent and dishonest dealing.”

 

That’s according to a decision released last week against Jason Cox of East Coast REO LLC. The company is at 200 N. Main St. in Graham. The decision names Cox as the broker-in-charge of the firm at the time of an investigation.

The investigation concluded that Cox represented buyers and sellers of properties without disclosing that he or his company was representing both. He purchased the properties at below-market prices and resold the properties to investors and homebuyers for a profit, the decision states.

The commission suspended Cox’s real estate license for two years, effective Nov. 1. His license can be reinstated for a probationary period after 10 months if he completes a 12-hour broker-in-charge course, a four-hour course on ethics, and a disciplinary class the commission offers by Aug. 30.

If he doesn’t complete the coursework by that time, his suspension will be active through November 2015.

The commission’s financial fraud investigator, D. Scott Schiller, found 32 properties Cox listed from 2006 to 2009 that were purchased from lenders by entities operated or associated with Cox or members of his family, and later resold at higher prices. Those transactions resulted in a gross profit of $506,500.

In addition, Cox and East Coast REO took sales commissions and listing and marketing commissions from the owners and mortgage lenders for those sales. 

AN EXAMPLE listed in the decision cites the 2008 sale of a property on Sartin Road, in northern Alamance County, owned by M&T Bank. Cox recommended a list price of $25,000. The bank requested a list price of $28,750.

On Oct. 1, 2008, Cox and East Coast REO listed the lot for $48,750 but “provided M&T Bank with (a listing) showing that the Sartin Road lot was listed for $28,750.”

On Sept. 30, 2008, a purchase and sale contract was signed by REO Portfolio Services, “a corporate entity owned by Cox’s uncle and stepfather-in-law Kevin Faulkner.” An offer of $28,750 was given to the bank.

On Oct. 1, 2008, Donald E Williamson Jr. submitted a contract to purchase the Sartin Road lot from REO Portfolio Services for $48,850. REO Portfolio Services later bought the lot for $28,750 and transferred the deed to Williamson at a gross gain of $20,100.

The bank learned of that transaction and lodged a complaint against Cox and East Coast with the Alamance Multiple Listing Service, whiCox and East Coast settled with M&T Bank and “continue to represent the same lenders with no additional complaints,” the decision says.ch terminated Cox’s membership for one year and fined him $2,500.

 


This report was posted on Ripoff Report on 02/25/2014 12:13 PM and is a permanent record located here: http://www.ripoffreport.com/r/Jason-Cox-Suspended-license-/Graham-North-Carolina/Jason-Cox-and-East-Coast-REO-disciplined-by-NCREC-Suspended-License-Defrauded-public-1126409. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report.

Click Here to read other Ripoff Reports on Jason Cox - Suspended license

Search for additional reports

If you would like to see more Rip-off Reports on this company/individual, search here:

Search Tips
Report & Rebuttal
Respond to this report!
What's this?
Also a victim?
What's this?
Repair Your Reputation!
What's this?

Advertisers above have met our
strict standards for business conduct.



Ripoff Report Legal Directory