California Real Estate Fraud Report

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24
May

Prominent San Francisco Broker Sued for Real Estate Fraud by Investors

San Francisco real estate broker W.B. Coyle is the target of multiple civil lawsuits by investors after complaints to the NBC Bay Area Investigative Unit brought unwanted attention to him. Over a dozen investors have filed more than 20 lawsuits against Coyle, accusing him of diverting their investment funds, failing to provide financial records and real estate fraud. Coyle has denied the accusations and filed countersuits against the investors.

“I believe he embezzled more than $200,000 from us,” said investor Ralph VonderHaar.  Another of the investors, Elizabeth Klein said, “It is just horrible the level of damage that he has caused is incredible and nothing is being done.”

The California Department of Real Estate has jumped into the fray and filed a five-part accusation  against W.B. Coyle and Telegraph Hill Properties, for which he is the designated officer. Tom Poole, the Department of Real Estate’s Acting Chief of Enforcement, says of the DRE’s investigation,  “It’s about as serious as it gets.  The accusation speaks for itself.”  The DRE will be trying to prove that Coyle committed fraud or dishonest dealing, misrepresentation, failing to provide records, commingling funds and taking secret commissions. 

Coyle’s real estate license is expired, according to DRE records.

A lot is at stake besides the administrative actions of the DRE. The investors, who were forced to mandatory arbitrary because Coyle refused to settle with them, say$15 million of their money has been tied up for almost 10 years that was supposed to be invested in over two dozen properties.  Documents certified by the San Francisco Office of the Recorder-Assessor indicate that Coyle has received multiple notices of default or foreclosure. 

W.B. Coyle filed for bankruptcy protection on April 30, possibly in response to one arbitrator ruling in favor of five of the investors, awarding them $1.1 million.
Read the original article in NBC Bay Area.

© Copyright 2007-2017 Monique Bryher

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The information and notices contained on The California Real Estate Fraud Report are intended to summarize recent developments in real estate fraud, mortgage fraud, short sale fraud, REO fraud, appraisal fraud, loan modification scams, loan modification fraud and other real estate related crimes occurring in Los Angeles and California. The posts on this site are presented as general research and information and are expressly not intended, and should not be regarded, as legal advice. Much of the information on this site concerns allegations made in civil lawsuits and in criminal indictments. All persons are presumed innocent until convicted of a crime. Readers who have particular questions about real estate fraud, mortgage fraud and appraisal fraud matters or who believe they require legal counsel should seek the advice of an attorney.

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