BROCKTON, MASS. (WHDH) - The once successful owner of a South Shore real estate company is in trouble with the law.
Stephen Webster of Marshfield faced a judge in Brockton on Friday on embezzlement and larceny charges.
Webster pleaded not guilty. He was arrested on October 1 in Palm Beach County in Florida.
Prosecutors say Webster stole cash from escrow accounts and left both his clients and many agents who worked for him, holding the bag.
The Plymouth County District Attorney said the investigators found Webster shifted over $11M from company accounts to personal accounts to fund a lavish lifestyle including fancy cars, trips, and a gambling addiction.
An attorney who sued Webster on behalf of 17 realtors and a friend of Webster who had nonpayment of a $75,000 loan says he won those cases. He also heard from up to a dozen buyers who had lost down payments.
Bob Ahearn told 7NEWS he heard stories from two young couples, which bothered him.
In a video Webster posted 11 years ago, he touted the success of his company he named “Success.”
Success closed its doors in December. A prosecutor asked for half a million dollars cash bail, saying Webster could be a flight risk, and may have money hidden away. Webster’s court appointed lawyer asked for much less cash bail, saying Webster tried to sell off real estate to save his company which faltered during the pandemic.
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