Some real estate agents were getting a deal that seemed too good to be true; and as it turns out, they might be getting more than they bargained for.
The US District Court of Georgia denied a motion to dismiss the class action lawsuit brought against First Multiple Listing Service (FMLS) and will hear the case against the MLS provider that allegedly paid illegal kickbacks directly to participating brokers and agents.
As more and more class action suits are brought against agents and brokers, the cost to wallet and career needs to be considered. Oh, and we haven’t even thought about possible jail time.
As the industry tightens up regulations and restrictions and the enforcement of the Consumer Financial Protection Bureau (CFPB) begins to pick up even more steam after the naming of a director, well-hidden and convoluted scams like this remind us to maintain only the highest professional standards.
For the full complaint, click here.