A former Massachusetts realtor who was indicted on multiple charges including embezzlement was sentenced to two-to-three years in prison followed by five years of probation after changing his plea to guilty.
WCBV reports Stephen Webster, the owner of the now-defunct Success Real Estate in Marshfield, also pleaded guilty to charges of witness intimidation and publishing a false financial statement.
Webster was accused of detouring more than $11.6 million in client escrow funds into his personal and business accounts, which he used to cover debts, purchase luxury items, rent property in Florida and fund his gambling habit. Webster also submitted a falsified bank letter to state regulators during a 2023 audit, where he insisted the escrow accounts encompassed $1 million when there was only $7,321.51.
As a result of Webster’s fraud, buyers and sellers lost hundreds of thousands at closings while real estate agents were stuck with more than $500,000 in unpaid commissions.
Webster was indicted on Sept. 12 and arrested in Palm Beach County, Florida, on Sept. 30. He was extradited to Massachusetts and pleaded guilty on Wednesday to embezzling $11 million from escrow accounts.
“I am profoundly sorry to everybody in this court and everybody online,” Webster said during his sentencing. “I twisted myself into a pretzel trying to stop this all this time.”
He may find a positiion in the Trump Family, a perfect candidate
You’re such a Meaney. Fraud is not party specific.
no but pardons are….
20 years would match the crime; 3 years of room and board. That’s why criminals keep committing crimes like this. disgusting
Agreed. How long does it take someone to save that much money that he stole? Were they even able to buy another house or hove to go back to renting? This guy will barely think about what he did in that time and be back in society to prey on others again.
It’s the gambling habit that started it all. Addictions are a serious problem.
It’s better than it used to be years ago, but still it destroys so many lives.
2-3 years for stealing $11,000,000 and upending so many lives?? How about 20-25 years?