A New Hampshire broker had his real estate license yanked after being accused of misappropriating escrow account funds and failing to pay $250,000 in agent commissions.
The New Hampshire Real Estate Commission suspended the license of RE/MAX broker Daniel Twombly earlier this month, Seacoastonline reported. The suspension order alleged Twombly misappropriated the funds during a recent five-month period.
New Hampshire’s Office of Professional Licensure and Certification received a complaint regarding Twombly on March 11. An expedited investigation was launched and Trombly’s license was suspended in an emergency meeting that day.
Twombly served as the principal broker for two franchises, RE/MAX Insight and Re/Max On the Move. After the suspension, however, RE/MAX removed Trombly from its system and terminated both of his franchises.
“RE/MAX, LLC respects the jurisdiction and authority of the New Hampshire State Real Estate Commission in this matter and accepts their decision as being in the best interest of consumers and real estate agents,” the company said in a statement.
Twombly controlled the escrow accounts for both franchises, according to the suspension order. He allegedly misappropriated the accounts’ funds between October and February.
The broker didn’t respond to a request for comment from the publication, but his required license suspension hearing was called off, as he agreed to remain suspended until the commission made a final decision. It’s unclear if law enforcement referrals have been made, but the New Hampshire attorney general’s office is keeping an eye on the case.
Twombly’s former franchises are being overseen by a commission-appointed principal broker as they are being wound down. Many of the affected agents have moved on to other RE/MAX franchises.
It’s not clear who filed the complaint against Twombly, who has volunteered not to practice until his case with the commission is resolved.
— Holden Walter-Warner
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