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State Regulators Suspend License of Broker Victimized by Embezzlement

The North Carolina Real Estate Commission has barred a developer, John Kane, from using his real-estate sales license for at least six months beginning Jan. 1. The punishment comes after the commission's investigation determined that the President and CFO of Kane's company, Kane Realty, embezzled about $1.5 million between 1998 and 2002 by funneling the money to an unrelated company.  Apparently, real-estate license laws make Kane, the company's broker-in-charge, responsible for enforcing accounting systems that safeguard company's money.

Thus, even though Kane and his company were the victims, he was sanctioned for allegedly using faulty accounting practices and systems that left the firm vulnerable to abuse. See the full story here.

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