A real estate broker who had previously pleaded guilty for his role in a scheme that stole six homes is still being allowed to keep his license, according to a report.
In November, Hillsborough County real estate broker Michael Bogstead pled guilty to a felony charge that accused him of creating fraudulent deeds and fake mortgage documents so he could transfer the ownership of a property to various entities or sell a home to an unsuspecting buyer.
Despite pleading guilty, Bogstead has been allowed to continue operating his brokerage, with active listings and homes under contract, per WFLA. The outlet noted that state regulators said his admission of guilt in the scheme did not impact his real estate license.
In addition to being able to keep his license, the outlet also noted that he will only face probation and avoid prison time in exchange for $177,000 in restitution.
Bogstead stole at least six homes in the fraudulent deed scheme. The scheme targeted properties that were going to tax auctions, appeared abandoned, or were owned by homeowners who could not afford to pay taxes on the property, the Pinellas County Sheriff's Office reported in a press release, which conducted an investigation into Bogstead's fraudulent practices.
The fraudulent deed scheme forced some victims to fight to get their homes back. An investigation conducted by law enforcement also found that he received a cash profit of $327,000 in the fraud scheme.
This comes even after public records showed that Bogstead was the subject of an administrative complaint filed with the state's Department of Business and Professional Regulation in May. In that complaint, the broker was accused of failing to report previous convictions related to driving under the influence (DUI) and giving a false report to law enforcement.
How Are Real Estate Licenses Revoked?
There are ten reasons why real estate practitioners lose their licenses, including misrepresentation, mortgage fraud, and a criminal conviction, according to the National Association of Realtors.
The NAR noted that DUI will not result in an instant revocation. However, any crime of moral turpitude, such as rape, murder, robbery, or embezzlement, can result in instant revocation of a real estate practitioner's license.
