Who's policing dishonest BC Realtors?

Lots of disscusion in our posts (see here and here) about CTV-BC's coverage of realtor Marco Vincenzi's forging of signatures and altering documents.  Apparently this was done in order to increase his commission on the sale of a yaletown condo.

In their third instalment of their coverage, CTV-BC asks 'Who's policing dishonest BC Realtors?' It's a poignant question, particularly in light of the MAC Marketing scandal we covered earlier this year.

After admitting to altering documents and other improper behavior, MacKenzie’s realtor (Marco Vincenzi) was ordered to pay a $1,250 fine, take a remedial course. He was also suspended for 120 days. The council took 16 months to make its decision. Said MacKenzie:

"To see this long drawn out secretive real estate council process that finally resulted in something that I think is just a slap on the wrist is insulting and angers me. It calls into question for me the actual ability of the real estate council to do their job and their mandate and uphold the public interest, rather than giving the perception that they're protecting the realtors."

Bingo!

What is particularly frustrating is the fact that MacKenzie also went to the Vancouver Police Department, who declined to proceed with a criminal investigation. Her case was ultimately reviewed by the Financial Crime Unit which felt the situation was better handled through a regulatory process rather than a criminal one.

And we've just seen how effective that was.

Even more galling was the fact that Vincenzi was allowed to continue selling real estate after the complaints were filed.  In virtually any other professional field, an individual accused of misconduct is placed on some form of administrative leave until individual is cleared of wrongdoing... and with good reason.

If the accused individual is, in fact, committing fraudulent acts... are you really going to let that person carry on committing the same (or worse) offences against innocent/unwitting members of the public?

It brings to mind the liars from the MAC Marketing scandal, who just so happened to dupe CTV-BC,  Despite having committed specific violations of the Realtor Code of Ethics, the infamous 'Chris Lee' is still selling real estate as the RECBC supposedly investigates (see here and here).

As MacKenzie says, it all "calls into question the actual ability of the real estate council to do their job and their mandate and uphold the public interest, rather than giving the perception that they're protecting the realtors."

It's gratifying to see CTV-BC finally begin to look at these issues.  But more needs to be done.

We asked Lynda Steele of CTV-BC about the status of the MAC Marketing investigations.  Here is our twitter exchange (click to enlarge):

She says she thinks it's worth taking another look at. If you agree, let her know on twitter @CTVLyndaSteele or via email at Steeleonyourside@ctv.ca

Make your voice heard.

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Dishonest realtor's punishment questioned by victim - CTV BC

Meet Janet MacKenzie.

She's the condo buyer we told you about yesterday who made an offer on a Yaletown property that was listed with a reduced realtor's commission.

Her realtor, Marco Vincenzi, tried to make a deal behind her back that would compensate him for the money he stood to lose on that reduced commission. To accomplish this, he forged documents on MacKenzie's behalf that resulted in direct financial gain for himself.

When MacKenzie was made aware of what he was doing, she went to Vincenzi's real estate office in Coquitlam and demanded a meeting with his boss, Jason Watson. Watson insisted in a recorded conversation that Vincenzi’s days as a realtor were done.

"Ultimately by the end of the day, I can't say it will be tomorrow, but probably by Monday he won't have a license," said Jason Watson, managing broker at Sutton Group – West Coast Realty."

But rather than see MacKenzie take her concerns about Vincenzi to police for formal charges, CTV-BC reports that Janet Watson, the managing broker at Sutton Group - West Coast Realty, told MacKenzie not to call police.

Instead MacKenzie was urged to allow the Real Estate Council of BC (RECBC) to handle the matter. CTV-BC reports Mackenzie was assured the RECBC would see that Vincenzi would lose his license permanently.

In a ruling that surprises no one who follows this blog though, the RECBC didn't revoke Vincenzi's real estate license.

Vincenzi was found to have committed professional misconduct. The RECBC ordered him to pay $1,250, take a remedial course and gave him a measly 120 day suspension.

Vincenzi's explanations for his actions?

Vincenzi told the Real Estate Council he was in the running for a platinum award given to realtors who secure $100,000 in commissions for the year. The council's ruling says, "at the time of the transaction he had earned approximately $90,000 and he states that there was a lot of pressure of him to put him over the $100,000 threshold."

Vincenzi also told the council he was facing "a great deal of financial pressure" because of his upcoming wedding.

So Vincenzi claims he forged his client's documents because he's publicity hungry for a realtor award. There's also the small matter that hes desperate for cash to pay for a upcoming wedding... and this is justification not to ban him from selling real estate forever?

Says MacKenzie:

"The idea of saying, ‘well, because I was under financial pressure, that's okay, somehow makes this okay,’ it doesn't. It's not acceptable. Knowing right from wrong is kind of a basic principle."

No kidding.

It's the same basic principle that doesn't excuse one from going on TV to lie to about Asian buyers  during Chinese New Year.

These are the actions of a few that tarnish and destroy the reputations of an entire industry.  Why is the RECBC even tolerating this behaviour?

What rankles even more is that Vincenzi's suspension doesn’t kick in until June and it appears the Metro Vancouver realtor is still in business, accepting calls on a current listing from a CTV intern posing as a potential customer. 

CTV-BC consumer reporter Lynda Steele went to Sutton Realty in Coquitlam to see what Vincenzi's boss, Jason Watson, had to say about his employee's professional misconduct, but she was told Watson was in a meeting and not available.

It reminds us of the liars from the MAC Marketing Solutions scandal who are still out selling real estate while under investigation for their transgressions. Does the RECBC not appreciate the optics of their inaction?

CTV-BC says they are airing a third part to this story tomorrow.

For the sake of the public at large, and the industry as a whole, let's hope they continue to pursue this issue.

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RECBC decisions come under media spotlight with latest realtor misconduct

Meet Marco Vincenzi.

He's the latest realtor to gain notoriety for wrongdoing as the market continues it's slump. 

A slumping market means less sales, and less sales mean less commissions. Do desperate times require desperate measures?

According to CTV's coverage of the story last night, realtor Marco Vincenzi has admitted to forging condo documents, drafting and presenting documents without his client's knowledge, changing offer amounts without permission and keeping his client out of the loop on negotiations... all part of a ploy to increase the size of his realtor sales commission.

According to CTV, Vincenzi's client was making an offer on a Yaletown condo that had languished on the market.  What sparked an offer on the property?  The fact the condo was now being offered with a reduced commission.

Vincenzi took his client's offer, but then tried to make a deal behind her back that would compensate him for the money he stood to lose on that reduced commission.

The client, Janet MacKenzie, was alerted to these shenanigans when the seller's realtor brought them to her attention.

"The way that I found out what had happened was actually when the sellers' realtor had contacted me because she had noticed some discrepancies on the documents with my signatures," said MacKenzie.

MacKenzie went to Vincenzi's real estate office in Coquitlam, and demanded a meeting with his boss, Jason Watson, who insisted in a recorded conversation that Vincenzi’s days as a realtor were done.

"Ultimately by the end of the day, I can't say it will be tomorrow, but probably by Monday he won't have a license," said Jason Watson, managing broker at Sutton Group – West Coast Realty.

This would be a just fate considering these actions appear to be fraud and theft. Which begs the question, were the police called and criminal code charges laid?

Interestingly MacKenzie claims that Janet Watson, the managing brooker at Sutton Group - West Coast Realty told her not to call police.

Watson wanted MacKenzie to let the Real Estate Council of BC handle the matter instead. Mackenzie was assured Vincenzi would lose his license permanently, a punishment she (MacKenzie) felt he richly deserved.

Now faithful readers have commented frequently that the punishments handed out by the RECBC are often nothing more than a minor slap on the wrist, a cost of doing business.

So what happened to Vincenzi?

Originally, a hearing with the Real Estate Council of BC was scheduled for late March, but it was cancelled after Vincenzi agreed to a consent hearing, where he would admit to wrongdoing and agree to accept the council’s punishment.

After 16 months, CTV reports the council finally made a decision, but CTV doesn't reveal what that decision was in today's news story. Presumably that will be the topic of Part 2 to be aired tomorrow.

A quick search of the RECBC disciplinary decisions internet page doesn't reveal any announced decision yet.

Will Vincenzi get the the standard 21 day suspension, requirement to attend training and a $1000 fine? 

Or will he have his licence permanently revoked, a fate this client Janet MacKenzie believes is a punishment he "richly deserves"?

Guess it depends what sort of faith you have in the RECBC.

(hat tip anonymous in comments section of yesterday's post)

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