S
uccess Real Estate's sudden collapse has led to a flurry of complaints and lawsuits from its former agents. At least 13 agents have filed suits against owner Stephen Webster, accusing him of embezzlement and alleging they are owed hundreds of thousands of dollars in unpaid commissions and personal loans. The drama began on December 14 when Webster announced the company's closure, causing its website and social media accounts to disappear.

    When agents tried to deposit their commission checks, they bounced, leaving them with significant financial losses. One agent claimed that over $81,000 in checks were returned, while another is owed an additional $61,000, plus a $10,400 fee for a closing that was supposed to be covered by an escrow account.

    The lawsuits also allege that Webster and Success Real Estate accepted personal loans from agents, claiming they were "fraudulently induced" into making these loans. The three agents involved are seeking repayment of over $132,000.

    Attorney Bob Ahearn, representing the plaintiffs, warns that the alleged lack of funds in escrow accounts could disrupt upcoming closings and predicts a "really ugly" situation. While investigating the complaints, the Massachusetts Division of Occupational Licensure and the Board of Registration of Real Estate Brokers and Salespersons are looking into the allegations against Webster and Success Real Estate.

    Success Real Estate claimed to have transacted over $1 billion in sales over the past five years and operated for 32 years before its sudden collapse.