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On August 1, 2007, Dr. Walter Bernards (Bernards) made a complaint to the Oregon Real Estate Agency (OREA) against Dennis Michael McKenna (McKenna), Principal Broker of Summit Real Estate Management Inc. (Summit).

Bernards allegations were as follows:

  1. Unauthorized transfers of cash, which total $693,400, from Pioneer Ridge Apartments (Pioneer Ridge) and Greenbrier Apartment Buildings (Greenbrier) to Summit by McKenna, for the period March 2000 through August 17, 2004. The transfers were allegedly from the tax escrow accounts, transferred by McKenna to fictitious money market accounts.
  2. Unauthorized transfers by McKenna, beginning in April 1997, of the tenant security deposits held by Summit into a Summit bank account. Bernards alleged that McKenna was unable or unwilling to provide the partnership/owners of Pioneer Ridge and Greenbrier with a list of the bank accounts and/or the accounting information, which indicated that security deposits were maintained by Summit for tenants.
  3. An unauthorized management fee increase made by McKenna for the benefit of Summit, which allegedly totals approximately $100k. Bernards alleged that McKenna paid Summit an "estimated management fee" at the beginning of each accounting period, and then McKenna made the necessary adjustments to the actual management fees due to Summit at the end of each accounting cycle.
  4. Unauthorized additional fees/expenses paid to Summit, which included charges for insurance policy renewals, loan refinancing fees, and/or "finder's fees."
  5. The property management agreement authorized a reimbursement to Summit for payroll expenses, insurance premiums, and surety bond expenses. Bernards alleged that Summit generated invoices to Pioneer Ridge and Greenbrier for the above expenses, however, the checks were made payable to Summit rather than the insurance or bonding company, etc. Bernards indicated that McKenna had refused to supply Bernards with copies of the original invoices, copies of insurance binders, and surety bonds from the vendors, so that expenses could be verified.
  6. Bernards alleged that Summit failed to pay annual property taxes for Pioneer Ridge and Greenbrier, which resulted in the partnership/owners of Pioneer Ridge and Greenbrier having to take out a loan to bring the property taxes current. Bernards stated that because of the late payments, the partnership/owners incurred additional interest and penalties from the county authorities.
  7. Upon termination of the property management services of Summit, which was effective February 28, 2005, a new property manager, Quantum Residential, Inc. (Quantum), was hired, effective March 1, 2005. Bernards alleged that Quantum has not received any of the March 2005 rents, collected by Summit or any security deposits that Summit should have been holding in trust for tenants.

In addition, Bernards also supplied a copy of a document entitled "Understanding between Pioneer Ridge and Greenbrier Partnerships and Summit Real Estate Management, Inc." which was dated May 1, 2005. Bernards alleged that, in that document, McKenna admitted to all of the allegations made by Bernards, but indicated that McKenna would tell OREA that the "missing funds" were repaid by McKenna or Summit to Pioneer Ridge and Greenbrier. Bernards maintains that such funds were not repaid.

REAL ESTATE AGENCY

BEFORE THE REAL ESTATE COMMISSIONER

In the Matter of the Real Estate Broker's License of MICHAEL McKENNA

STIPULATED ORDER OF REVOCATION

 

The Real Estate Agency (OREA) and D. Michael McKenna (McKenna) do hereby agree and stipulate to the following:

  1. OREA has investigated McKenna regarding his licensed property management activity under file No. 200708-504.
  2. Without admitting the accuracy or completeness of the information contained in the files of the OREA and reserving the right in other proceedings to contest the accuracy and completeness of that information, McKenna waives his right and opportunity to contest this evidence and stipulates that uncontested this evidence constitutes substantial evidence in the files of the OREA to support, after hearing, findings of fact and conclusions of law by the Commissioner that would result in the revocation of McKenna's real estate broker's license, effective   6-30-08
  1. Based upon the evidence contained in these files, evidenced by the investigation report attached hereto, McKenna stipulates to the revocation of his real estate broker's license.
  2. McKenna understands that he has the right to request a hearing before the Real Estate Commissioner on this matter and to be represented by legal counsel at such a hearing.

McKenna freely and voluntarily waives his rights to a hearing and judicial review of this matter and to representation by legal counsel at such a hearing.

 

IT IS SO STIPULATED

MICHAEL MCKENNA

Date    6-30-08

 

IT IS SO ORDERED

GENE BENTLEY

Real Estate Commissioner

Date    6-30-08

DATE of service: 6-30-08

 

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NOTES

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Dennis Michael McKenna Lic REVOKED
Principal Broker Lic: 890500223
(Owner of Summit Real Estate Management LLC)

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Katrina M. Raetz (Oregon City, OR 97045)
District Property Manager at Summit Real Estate Management LLC
Principal Broker Lic: 990300165
Lic with this business since 02/28/2014

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Summit Real Estate Management LLC
Lic 201209471

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