Big Kahuna
Open Letter To The US Virgin Islands Board Of Realtors.
We’ve all been had (allegedly), or “Sautered” as I like to call it. It’s no joke. Rosemary Sauter allegedly made off with millions of dollars and ruined lives. Hundreds if not thousands of lives reaching out worldwide.
I ask one simple question? How was this possible? How can one person be able to get their hands on so much money without recourse?
The real estate industry here has taken a blow to the gut that will be felt for years to come. Now is the time for the Board Of Realtors and the industry itself to be PROACTIVE. Self regulate yourself if you can immediately. Speak out and protect yourself. Your silence is deafening.
Is this mess your fault? No, but obviously there weren’t enough checks and balances to protect this kind of event from happening. I implore you to do whatever you can quickly so that people can feel safe and secure that their life savings can’t be swindled.
I know many people here in St. Thomas in the real estate business and their honest and hardworking. This is not your fault. This is one bad egg amongst many great ones. If the industry is unable to self regulate then go to our government for assistance (I know, that’s not easy). But be out in front trying to get something done. Right now the only thing that matters is protecting future customers.
Until then no one can be safe.
I’m not an expert in real estate or legal matters. So feel free to disagree with what I’ve said. Maybe you can’t regulate yourself. If so now may be the time to use many attorneys to escrow money. This way the money would be spread out and one person couldn’t steal it all.
What say you real estate professionals? How can we fix this moving forward?
The St. Thomas Blog will open it’s virtual home to you. We will post all articles from anyone within the real estate community offering out suggestions to this mess. Just email me your article to: scott@stthomasblog.com and I’ll post it.
![[del.icio.us]](http://images.del.icio.us/static/img/delicious.small.gif){kind=small}
February 7, 2010 @ 8:44 pm
Anonymous Said,
Who’s to say an attorney couldn’t do the same thing?
February 8, 2010 @ 9:07 am
BIG Kahuna Said,
Oh they absolutely could if the rules don’t change. But the odds of 1 attorney having all the funds in escrow is greatly reduced. We’re hearing 2.5 million is gone.
February 9, 2010 @ 5:35 am
Iris Tramm Said,
I don’t believe the BOR is a regulatory or investigative body. More like a trade organization. There IS, in fact, a government agency which is SUPPOSED to regulate and license Realtors. I believe most of the appointees’ terms have lapsed, and that it does not regularly convene. Yes, I’m looking in your direction and pointing, Mr. deJongh.
February 9, 2010 @ 8:37 am
Slim Kahuna Said,
Well you promoted her….where are your checks and balances?
February 9, 2010 @ 8:46 am
BIG Kahuna Said,
Oh Slim Kahuna I do not have any control over changes that could help protect people from thieves. Certainly when I promoted her over 5 months ago there were no current issues. I would never promote a thief. But you’re really missing the point here. The point is the rules as currently set up mean anyone can steal their escrow money. This needs to change somehow someway.
February 9, 2010 @ 10:16 am
Dan Lynch Said,
This is one of those times where regulation & audits look like a great idea in hindsight.
February 9, 2010 @ 2:11 pm
BIG Kahuna Said,
Apparently there is a Virgin Islands Real Estate Commission, which is responsible for policing real estate rules and regulations in the territory.
But all commission members’ terms expired years ago, according to veteran commission member Peggy Simmonds. The commission still meets, infrequently.
Go figure, the one agency set up to protect us is expired
Read more here: http://www.virginislandsdailynews.com/index.pl/article_home?id=17643572
February 12, 2010 @ 4:55 pm
BIG Kahuna Said,
Apparently any real estate company can obtain “Fidelity Bond Insurance”:
A fidelity bond is a form of insurance protection that covers policyholders for losses that they incur as a result of fraudulent acts by specified individuals. It usually insures a business for losses caused by the dishonest acts of its employees.
While called bonds, these obligations to protect an employer from employee-dishonesty losses are really insurance policies[1]. These insurance policies protect from losses of company monies, securities, and other property from employees who have a manifest intent to cause the company loss. There are also many other forms of crime-insurance policies (burglary, fire, general theft, computer theft, disappearance, fraud, forgery, etc.) to protect company assets.
If I were a real estate company I would look into this.