REBNY issues new policies in response to DA investigation

Real Estate Weekly, Nov 24, 1999

On November 4th, the Executive Committee of the Real Estate Board of New York (REBNY) adopted the following policies:

* Any REBNY member who is convicted of a felony or pleads guilty to such an offense will be expelled from the Board.

* The Ethics Committee will review the case of any member who is convicted of a misdemeanor with respect to their fiduciary responsibilities, or pleads guilty to such an offense to determine what, if any, action should be taken concerning the member's status in the Board.

The Executive Committee acted in response to recent prosecutorial actions by the Manhattan District Attorney regarding bribery in the real estate industry.

"The corruption uncovered by the District Attorney underscores the importance of every Board member's knowing and adhering to REBNY's Code of Ethics," said Steven Spinola, president of REBNY.

"Your employees, contractors and vendors should also comply with these standards. Corrupt practices like bribery exact a heavy toll on our city's economy and our industry's reputation. Constant vigilance and impeccable conduct on everyone's part are the only effective defenses against the relatively few offenders. whose unacceptable actions occasionally dishonor the profession."