Calif. DRE Bars Broker From Working In Real Estate

Posted by Orb Staff on September 07, 2010 No Comments
Categories : Residential Mortgage

Revoked real estate broker Kenneth Mark Doolittle has been barred for three years by the California Department of Real Estate (DRE) from holding any position of employment or management in a real estate business. The order also prohibits Doolittle from participating in any real-estate-related activity of a finance lender, bank, escrow company or title company.

The order comes after a finding that Doolittle, through Monterey Bay Securities Inc., was illegally selling securities. Between 1997 and 2005, Doolittle and Monterey bought and sold more than 500 manufactured homes, the vast majority of which were sold with seller financing.

Doolittle and Monterey obtained the funds for the financing by soliciting third-party private investors, the DRE says. Doolittle advertised for investors through printed materials and a website through a program called "Recycled Housing Manufactured Home Promissory Note Mortgage Program."

Doolittle and Monterey failed to register the offering with the Department of Corporations (DOC), as required by law. The DOC later determined that Doolittle and Monterey made untrue statements of material facts and failed to provide material facts to investors on numerous occasions in connection with the illegal sale of securities to investors.

Based on Doolittle's illegal activity, the DRE revoked the real estate licenses of Doolittle and MBS. More significantly, in early August, the DRE issued a bar order in which Doolittle is precluded, for the statutory maximum of three years, from participating in any real estate-related activity, including those related to a finance lender, residential mortgage lender, bank, credit union, escrow company or title company.

SOURCE: California Department of Real Estate

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