STATE OF FLORIDA

DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION

FLORIDA DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION, DIVISION OF REAL ESTATE,

Petitioner,

V. DBPR Case No. 2009047878

KRISTEN LEIGH VERDI,

Respondent.

                                                             !

ADMINISTRATIVE COMPLAINT

The Department of Business and Professional Regulation ("Petitioner") files this Administrative Complaint before the Florida Real Estate Commission against Kristen Leigh Verdi, ("Respondent") and alleges:

1. Petitioner is the state agency charged with regulating the practice of real estate pursuant to Section 20.165, Florida Statutes, and Chapters 120, 455, and 475, of the Florida Statutes.

2. At all times material to this Complaint, Respondent is licensed as a real estate broker in the State of Florida, having been issued license numbers 3156998.

3. Respondent's license is currently on "involuntary inactive" status for none renewal.

4. Respondent's address of record is 19892 Dinner Key Drive, Boca Raton, Fl 33498.

   
   

   1

   
   

   FDBPR v. Kristen Leigh Verdi, Administrative Complaint

   Case No. 2009047878

   
   

5. On or about January 16, 2006, Respondent became the

   
   

   qualifying broker for Elect Group LLC, (Elect Group), a real estate corporation, having been issued license number CQ 1025558.

6. On or about August 13, 2008 Marcey Hall entered into an agreement with Respondent, as the qualifying broker for Elect Group, for Elect Group to act on behalf and represent Hall in the negotiations with the Bank Atlantic (Lender) for a loan modification of Hall's mortgage on a property known as 4539 Treehouse Lane, #41A, Tamarac, Fl 3319 (Subject Property).

7. A copy of the "Authorization to Represent" is attached as Administrative Complaint Exhibit 1.

8. Respondent, as the qualifying broker for Elect Group, agreed with Hall for a "Money Back Guarantee" of 50% of the fees paid if the loan modification was declined by Lender.

9. A copy of the "Money Back Guarantee" is attached as Administrative Complaint Exhibit 2.

10. On or about August 14, 2008, Hall paid to Elect Group, the amount of $2,100, for Elect Group to negotiate a loan modification for the Subject Property.

11. A copy of the check for $2,100 payable to Elect Group is attached as Administrative Complaint Exhibit 3.

12. At all times material, Respondent knew or should have known that Elect Group failed to obtain modification of Hall's mortgage loan.

    
    

    Verdi 2009047878 2

    FDBP v. Kristen Leigh Verdi, Administrative Complaint

    Case No. 2009047878

    
    

13. Respondent failed to have Elect Group reimburse Hall at least 50% of the amount previously paid to Elect Group.

    Count One

    
    

14. Petitioner realleges and incorporates by reference the allegations set forth in paragraphs one (1) through thirteen

    (13) as if fully set forth herein.

    
    

15. Section 475.25(1)(b), Florida Statutes, subjects a real estate licensee to discipline for committing fraud, misrepresentation, concealment, false promises, false pretenses, dishonest dealings by trick, scheme or devise, culpable negligence, or breach of trust in any business transaction.

16. As set forth above, Respondent committed fraud, misrepresentation, concealment, false promises, false pretenses, dishonest dealings by trick, scheme or devise, culpable negligence, or breach of trust in any business transaction, in one or more of the following ways:

    a. As the qualifying broker for Elect Group, Respondent failed to reimburse Hall 50% of the fees paid in advance for an unsuccessful loan modification to a mortgage.

17. Based on the foregoing, Respondent violated Section 475.25(1)(b), Florida Statutes, by committing fraud, misrepresentation, concealment, false promises, false pretenses, dishonest dealings by trick, scheme or devise, culpable negligence, or breach of trust in the sale of the Subject

    
    

    Verdi 2009047878 3

    
    

    
    

    
    

    FDBPR v. Kristen Leigh Verdi,

    , Administrative Complaint

    Case No. 2009047878

    
    

    · Property to the Buyer.

    
    

    Count Two

    
    

18. Petitioner realleges and incorporates by reference the allegations set forth in paragraphs one (1) through seventeen

    (17) as if fully set forth herein.

    
    

19. Section 475.25(1)(d)l, Florida Statutes, subjects a real estate licensee to discipline for:

    "[Failure] to account or deliver to any person, including a licensee under this chapter, at the time which has been agreed upon or is required by law or, in the absence of a fixed time, upon demand of the person entitled to such accounting and delivery, any personal property such as money, fund, deposit, check, draft, abstract of title, mortgage, conveyance, lease, or other document or thing of value..."

    
    

20. As set forth above, Respondent failed to account for or deliver to Hall, the amount of $1,050 which Respondent, as the qualifying broker for Elect Group, agreed to reimburse if Elect Group failed to obtain a modification to Hall's mortgage loan.

21. Based on the foregoing, Respondent violated Section 475.25(1)(d)l, Florida Statutes, when Respondent failed to

account for or deliver to Hall, at the time which has been agreed upon or is required by law or, in the absence of a fixed time, upon demand of the person entitled to such accounting and delivery, any personal property such as money, fund, deposit, check, draft, any personal property such as money, funds,

Verdi 2009047878 4

FDBPR v. Kristen Leigh Verdi, Administrative Complaint

Case No. 2009047878

deposit, check, draft.

WHEREFORE, Petitioner respectfully requests the Florida Real Estate Commission enter an order imposing one or more of the following penalties: suspension or permanent revocation of Respondent(s) license(s), restriction of practice, imposition of an administrative fine, issuance of a reprimand, placement of Respondent(s) on probation, corrective action, assessment of costs related to the investigation and prosecution of the case, and any other relief that the Commission deems appropriate.

SIGNED this I day of _:f-=--..,uAJ=--,----' 2010.

CHARLIE LIEM, Interim Secretary Department of Business and

ofessiona egulation

III

1 Counsel a Bar No. 287288

epartment of Business and Professional Regulation

Division of Real Estate

400 W. Robinson Street, N801 Orlando, FL 32801-1757

(407) 481-5632 - Telephone

(407) 317-7260 - Facsimile

PCP Date: 6/2010 PCP MEMBERS: JDR/HF

Verdi 2009047878 5

NOTICE TO RESPONDENT(S)

PLEASE BE ADVISED that mediation under Section 120.573 of the Florida Statutes, is not available for administrative disputes involving this type of agency action.

PLEASE BE FURTHER ADVISED that pursuant to this Administrative Complaint you may request, within the time allowed by law, a hearing to be conducted in this matter in accordance with Sections 120.569 and 120.57 of the Florida Statutes; that you have the right, at your option and expense, to be represented by counsel or other qualified representative in this matter; and that you have the right, at your option and expense, to take testimony, to call and cross-examine witnesses, and to have subpoena and subpoena duces tecum issued on your behalf if a formal hearing is requested.

PLEASE BE FURTHER ADVISED that if you do not file an Election of Rights form or some other responsive pleading with the Petitioner within twenty-one (21) days of receipt of this Administrative Complaint, the Petitioner will file with the Florida Real Estate Commission a motion requesting an informal hearing and entry of an appropriate Final Order which may result in the suspension or revocation of your real estate license or registration. Please see the enclosed Explanation of Rights and Election of Rights form.

6

I

500 Fairway Drive, Suite 205 Deerfield Beach FL 33441 PhQne:954-671-101O

Fsx: 954-426-3960

www.ElectGroup.org

,[ Authorization to Represent

Tl+ lndlvldual(s) whose 11ame(11J oppC11r below have 11uthorlud EJ.ict Group LLC

to ,rct 11n th11I, behalf to a.sslst In resclvlng 1helr mortgage lssuaJ. This Is In ace(lrdance with

Title 24 of the CFR 203.500 {HUD).

B rrower; (Prlntl.Last Name ...l.d--...o...t...\..             First Name !\!'\or("?'.\)

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c1J- Borrower: (Print) Last Name_llJ. A First Name       ··-·---····--·-

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Prlperty Address: H s?J-r Treehwse Ln 0-e,.:rf· Hf\

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Citn! / State/ Zip ·1cl/Y)O rO. .1 i L ,.'.3 d,3/'i

aJrower's Social Security# 5</.5 - 0.5 - :3/;:2I

eoi B_orrow r's dal security#        .-·.,-.,..--                

Lelldrng lnst1tut1on Px:ink'. A+laf'l-b C,

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£:lect Group LLC

500 .=airw<iy Orivfl, St 205 • D1;1erfleld Be;i h, FL 33441

Ph: (954) 671•1010 w F.tx: (9S4) 426-3960 www.eledgroup.org

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1:l;lUAL HOUSING

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Hlftmt!AmdllfeiutAkr!1111'lt'llklt1 REALTOR

NAME [B

Street Address

500 Fairway Drive, Suite 205 Deerfield Beach FL 33441 Phone: 954-671-1010 Fax: 954-426-3960 www.ElectGroup.org

What is a Loan Modifieatlon?

A Loan Modlfli;;etlon Is a modltlcatlon to an existing loan made by a lender In response to a bon-ow r's long- erm lnablllty to r,a,pay tht:3 loan. Loan modifications

. typically involve a reduction In the interest rate on the loan, ;;m extension or the length or the term of the loan, a,dlfferent type of loan or any combin(ttlon of the thre1e, A lender might be op n to modifying e1 loen becaus the cost of doing so is less than the cost of default. .

LOAN MODIFICATION

Elect Croup LLc·hea _been l,1 business since 1995. Our loan modlfh:atlon 1$ devoted to helping consumers "modify" or "restructure" th4 terms of their existing loans. We are dedicate<! to /lelplog homeowners »1<eep the loan" they have now when rennanclng or selflng the home are not possible. We help homeowners renegotiate the terms of their existing loans. We prov!de peace of mind and new hope by developing solutions that are a "win-Win" ror the homA(Jwner and the existing lender, Start here!

We are experts at_pn:ivldlng solutions to consumers (who want to remain In their homes) and to lenders (who want to avoid financial loss stemming from foreclosure costs}. A loan mo<;11ncat1on Is a process whereby a lender re!iPOnps to a borrowfJr's

request' to "alter• the terms of an existing loan. Loen modlfh:atlon:s typically result in a reduction in the· interest rate on the loan·, an extension or the length of the term of

thia loan, a partial principal reduction of the e,cisting loan amount, or a different type

· of loar, (or any eombln tion of the four remedies). A I'1lnder might be open to modifying a loan because the cost Is less than the cost of roreclosure or selling the

. home "short" of the loan payofl' (known as a "short sale").

Today, many homeowners are lmplementfng a Loan Modification Plan to stop foreclosure. If you can currently make your regular payment, but you can't catch up

with the past-due amount, Elect Group LLC will negotiate with your render to fold any pe,st-dlle amounts, Including Interest end escrow, into the unpaid principal bafance.

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This new amount wl/1 be re•amortized over a new period of time. Or, If you are 9nable to make payments at this rate, we will negotiate with your lender to extend your loan for a longer period of time, modlfytng the loan amount to a more . affordable level. A Loan ModlflceitlQn wfll change your·exlstlng mortgage note and give you fresh start In managing your hol1"1e. Your account wlll be brought up to

date imme,;llately.. Our purpose is to help you "keep" the "loan" you have now - a -e.r we are successful-modifying the terms, We fully understand the seriOUi nature of

-your situation ana are aware th t you may only have a short time to ove on,e he

real posslblnty of1osinc, your home.

The key to our high rate of uccess Is r.on tructing a financial plan that you and ym.1r

lender can approve and, most Importantly, that you are a le to perf r'.11. te !y

accept cases we belleve we can win on yot1r behalf. You w,11 be 11 pnonty n 0l

brganlzation 1

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of

Unfortunately homeowners !hut.try lo work directly with their lender ve_a failure rate

over 80%.· Our e;,cperience within the loss mitigation tleplllfments ot nu r m0rgt g e

companies and scrvicers gives you the advantage. needed to securea plan yui, CM

with.

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.500 Fairway Drive, Suite 205 Deerfield Beach FL 33441 Phone: 954-671-1010

Fax: 954-426-3960

www.Elec;tGrnup.org

Money Back Guarantee

The Vlllt majority or El t Group U.C clients obt.iln iiltlih1ct1;>ry rc:sulb in their loan modlflcatlon i:;r0c:e5s, Becausl!' we pre-qualify the dient prior to accept!rig.their fee, we both avoid Jo. s of precious time and re5ources. Before we accept the client fees we have determined to the best of our ability the probability of a succes ful modification. In no way do WI!!' resent that we are

100% $ 1cr:e<;$ful in obtaining dient loan modlflcatlons. Elect Group LLC rs so highly con1ldent tl1at we achieve a successful result v-ie offer a money back ·11uarantee or the cllent ree In he event that II loan modification Is decl!ned. ThE money back guarantee Is equal to hmfthe

<1mount of total client fees collected. The c:ffent, In order to qualify for the money back guarantee, the dientmust m.ilntaln open tines ofcommunh;atlon with £lei:t Group LLC loss mitigation dopartrnent, Please return attached formi; and doturT'lents In a timely manner, Failure to meet client oblig tiom, may abrogate thtt rnonffy b.i<:k guar.intee.

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ln order to build a sti:ong case for loan modification to your lender It ts lmp•m1tive that we havs your full cooperatlo -and truthfulness as to·your currant financial circumstances, Delay In responding to our lnqulrhr:s result In your loan modification being denhid and the terms of

1\ this money back guarantee become null and void. If your lender does agree to a loan

I! modification and client doe,no r:n•f't thoS'.! terms Elect Group LLC will have fulfilled ir.5

;

obliption to the client and. thi. money bAck guarantae will no longer be In Affect and Elect

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Group LLC will be released from anv further obllgatloo and may not feful'ld any portion of the

fees collected.

I I have read and understood the conditions of th1! wMoney Bad< Guarantee" as

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I $et forth in the above statements.

I '77--x1 1-t=        

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I Borrower s4thature, . Date Co-Borrower Signature Oat

1. [Y)nn .a &il'tl I                                      

2. Borrower Prlnt.iiame

Co-Borrower Print N;im;

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Elett Group LLC

            r

500 Fairway DrivP., Ste 205 • Deerfield Beach, FL 33441 Ph: (954) 571-1010 • Fax: (954) 426-3960 www.etectgroup.org

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E:X.HIBIT_4

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OFFICIAL CHECK

August H, 2:JDS

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Tr1::l · TliOUSANI.l ONB HUNDRED DOLLARS ANO ZERO CENTS

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Marcey Hall

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K,:,:p U:1h,, ..opj ft.:l \·.llur n- ,,,.4-1 -nt die l:r.J1,-.j;c,iuu. 1\l 1\!l,)Vlt:.

tvh v& for uy i'l.Lu.:. \i.JuL'i.U..11lvu ... .a,t lli...: 1"&!.U"Uu., 1•t c:.c:.tu.-:t

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"NON NEGOTIABLE - PURCHASER COPY IV

X , Ui:J-SiitW r - ----•· -- ·----- - ··•· - -·--- - --- -··---

Docket for Case No: 11-002769PL