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GlobeSt.com EXCLUSIVE: Failed Sale Sparks High Stakes Lawsuit

CAVE CREEK, AZ-Coldwell Banker Success Realty says the broker has been fired and a complaint filed with the state licensing board. The action didn't block a Cleveland developer's lawsuit against the firm.

By Beverly Ford | Updated on February 26, 2003

CAVE CREEK, AZ-A rogue broker, allegedly fraudulent sales documents and a bogus $3.1-million check have led to a major headache for a Scottsdale real estate broker.

Coldwell Banker Success Realty is facing fraud, negligent misrepresentation and breach of contract charges in connection with a lawsuit filed against the firm by developer Rancho Manana Ventures LLC. The suit, filed in Maricopa County Superior Court, alleges that a broker with the Scottsdale realtor produced fraudulent documents, including a $3.1-million check, that he claimed was payment for 55 fractional interests in 37 luxury casitas at the Casitas and Spa at Rancho Manana in Cave Creek.

The Cleveland-based development group said in the suit that it learned of the alleged scam following several closing delays and months after it pulled the casitas off the market.

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