A South Shore real estate broker was arraigned Friday in Brockton Superior Court on embezzlement and larceny charges.
Sixty-three-year-old Stephen Webster is also charged with larceny over twelve hundred dollars by a scheme, witness intimidation, and publishing a false financial statement.
Webster was the principal of Success Realty that operated for decades in Southeastern Massachusetts.
Plymouth County District Attorney Tim Cruz says that the firm abruptly closed last December resulting in over a million dollars in client escrow accounts being unaccounted for and about a half million dollars in unpaid commissions owed to company agents.
Investigators say that Webster misappropriated funds held in escrow, transferred client deposits into business and personal accounts, and submitted false financial documents to regulators, including a forged bank letter claiming that the company’s escrow account held more than nine-hundred-thousand dollars when in reality it had only a few thousand dollars.
Webster was arrested in Florida on September 30th.