The Colorado Division of Real Estate said Thursday that it has revoked the license of Greeley-area real estate broker Tracy Todd and suspended that of Steve G. Boyer for 90 days over an alleged mortgage fraud scheme.
Todd made a $425,000 offer on a home that hadn’t sold for nine months at a $300,000 listing price. His offer, made on behalf of a relative, included a separate commission agreement to pay a $135,000 “consulting fee” to Medicine Creek Consulting, a company owned by a business partner of Todd’s.
In another case, Todd executed a contract to buy a Greeley home for $425,000 with a $72,250 consulting fee to Medicine Creek Consulting. The buyer was Todd’s mother-in-law. Steve Boyer was the listing agent, and his participation in the transaction resulted in his suspension.
“This type of unscrupulous activity contributes to our high foreclosure rate by artificially inflating property values,” said Erin Toll, division director.
Weld County has one of the highest foreclosure rates in Colorado and for a few months in 2006 led the country in foreclosure filings.
Efforts to reach Todd and Boyer were unsuccessful.
Aldo Svaldi: 303-954-1410 or asvaldi@denverpost.com
