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Father and Son Claim Innocence
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February 11, 2009
A real estate agent and his son are being questioned about their involvement in the purchase of five houses that fell into foreclosure.
The Colorado Real Estate Commission asked Stephen Teegardin, of Teegardin Realty & Investments to surrender his license and pay a $25,000 fine for the alleged "dishonest dealings" and "unworthiness or incompetency" for his role in the real estate transactions in question.
Teegardin said he and his son did nothing wrong and that officials are going after them instead of those who profited from the deals because they are an "easy target." Documents state that their involvement was completely legal.
Teegradin said his company made $25,000 or a 2 percent commission on the five homes but returned the bulk of the $300,000 he originally received. Reports claim that he personally made $30,000 per house. Teegardin claims he does not know who pocketed the balance of the proceeds obtained from the $1.9 million in loans the group procured.
Read story at The Gazette
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