Richards, John F. | Principal Broker | Little Rock, AR

03/01/2007 | Hearing No. 3032

In Formal Hearing # 3032 the Commission ordered that “…Respondent Richard’s license is permanently revoked.”

• The Commission found Respondent Richards guilty of violating Commission Regulations 8.5(a), 9.2(b), 10.7(b)(3), 10.8(g)(3); and Arkansas Code Annotated § 17-42-311(a)(6).
• Respondent Richards failed to protect and promote the interest of his clients, Complainants.  Respondent collected rent and security deposits on behalf of Complainants, but failed to account for or remit said funds to Complainants.  Respondent failed to provide an accounting and copies of leases as requested by Complainants.
• Respondent collected rents and security deposits for Complainant’s property, but failed within a reasonable time to account for or to remit said rents or security deposits to Complainants.
• Respondent did not make the property management records and trust account records and bank statements for Fidelity Realty Company, Inc., Little Rock , Arkansas available to the Arkansas Real Estate Commission for inspection.
• A Recovery Fund  Hearing was held.  The Commission found that “…as a result of the proven violations that Respondent Richards is ordered to pay $990.00 to Complainants in a period not to exceed thirty (30) days.  If the Respondent fails to make such payment, payment will be made through the Recovery Fund.”