PARAMUS, N.J. – A real estate agent was arrested after he allegedly stole money from clients in New Jersey.
Police arrested 41-year-old Peter Live Oct. 5 after Live’s clients said he allegedly stole money meant for real estate purchases, police said.
In the complaints, clients of Live Realty, Inc. said they made down payments to real estate director. Instead of holding the money in escrow, Live kept the money, failing to complete the real estate transactions, police said.
The suspect received about $345,000 from his clients, which he allegedly deposited into business accounts under his control, later withdrawing the funds for his own purposes, said police.
Live did not complete any real estate purchases for his clients, according to police reports.
Peter Live was charged with one count of failure to make lawful disposition of property received with a value greater than $75,000, one count of theft by deception, and one count of misconduct by a corporate official.
He is scheduled to appear in court Oct. 18.