FAR attorneys recommend that sales associates who suspect fraud withdraw from the contract immediately. If you accept a commission, you become a party to the fraud and can be held liable.
Here are some agencies to which you should report suspected fraud and schemes:
1. Contact local law enforcement authorities.
2. Contact the attorney general’s office at http://myfloridalegal.com/consumer
3. Contact the local Better Business Bureau at www.bbb.org
4. Contact the local consumer protection office at www.ftc.gov/bcp/consumer.shtm
5. Contact the FBI. However, the FBI will usually get involved only if the amount involved is $1 million or more.
6. Contact the local or state Realtor® Association. However, the Association has regulatory power only over licensed real estate sales associates who are members.
7. To report suspicious lending, visit the Mortgage Bankers Association’s (MBA) Web site dedicated to stopping and reporting mortgage fraud: www.stopmortgagefraud.com
. To learn more about the warning signs and your rights or to report abuse, call the MBA at (800) 348-3931.