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• Government Actions:

  Government Action: BBB reports on known government actions involving business’ marketplace conduct:

  Department of Real Estate vs. Mynd Management Inc.
  

  On March 10, 2021, the Department of Real Estate filed an accusation (case H-12497SF) against Mynd Management, Inc. (MMI) along with the designated broker officer of MMI (Respondents).

    

  The accusation stems from audits conducted of MMI records intermittently between April 7, 2020, through May 29, 2020, covering the period 9/1/2018 through 1/31/2020. An accountability was performed on 5 separate trust accounts each showing a shortage in the account. It is alleged that the shortages to the accounts were done without first obtaining written permission from the owners of the trust funds accounts allowing balances to drop below accountability. It was also alleged that the respondents received undisclosed compensation from Wells Fargo Bank but did not disclose this to property owners as well as the broker did not exercise reasonable supervision over the accounts.

   

   On April 18, 2022, Mynd Management entered into an agreement to settle the above allegations.  According to the settlement agreement, licensing for Mynd Management and the designated broker officer of MMI are suspended for 60 days.  Thirty days of the suspension is stayed, provided that MMI and the broker pays a $1500.00 penalty.  Additionally, the broker and Mynd Management must pay a combined total of $17,857.40, for audits and cost of conducting the investigation.  

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