Tucson’s Rathbun Realty has lost its license to operate.
Brokers George Glover and Cassandra Arnold were issued a cease-and-desist order last September by the Arizona Department of Real Estate for “trust account irregularities.” In August, the company reported that between $1 million and $1.8 million had been stolen from trust accounts. The accounts are used to keep tenant deposits and rent payments separate from operating capital. The company managed nearly 800 rental homes in Tucson.
On Thursday the Arizona Department of Real Estate issued the commissioner’s final order to revoke the licenses of the brokers and their two companies — Rathbun Realty Inc. and Rathbun Property Management — after a Feb. 5 decision by a judge to affirm the department’s cease and desist order.
Read the rest of this story Sunday in the Arizona Daily Star.