Ponzini, James A
06/01/2008 | Hearing No. 3058
In Formal Hearing # 3058 the Commission ordered that “…Respondent Ponzini is to pay a penalty of $3,000.00. The Commission votes to revoke Respondent Ponzini’s license and in the event that the Respondent makes application for licensure again, then that application must be approved by the Commission.”
- The Commission found Respondent Ponzini guilty of violating Commission Regulations 10.8(g)(1), 10.8(g)(3) and Arkansas Code Annotated § 17-42-311(a)(6), § 17-42-311(a)(11), and § 17-42-311(a)(13).
- Respondent Ponzini did not remit or account for Sellers’ $3,000 received by Respondent at the April 6, 2004 closing that was to be held in escrow by Respondent and only disbursed to pay the Complainant’s special improvement taxes or reimburse to Seller.
- Respondent did not deposit or in the alternative did not maintain the $3,000 received by Respondent at the April 6, 2004 closing in his trust account. Respondent’s October 3, 2006 Stephens & Company Escrow Account had an ending balance of $10.00.
- Respondent refused to cooperate and provide trust account and bank statement records as requested by a Commission investigator in a March 11, 2008 letter to Respondent.
- Because of Respondent’s conduct as described above, he is unworthy and incompetent to act as a real estate broker in such a manner to safeguard the interest of the public.
- Respondent’s conduct as described above, constitutes improper, fraudulent, and dishonest dealings.
- A Recovery Fund Hearing was held. Respondent Ponzini was ordered to pay Complainant $1,478.00 within thirty (30) days.