Appeal from the Order of the State Real Estate Commission in case of In the Matter of the Suspension or Revocation of Real Estate Broker's License No. RB-026042-A and RM-026042-A issued to William F. Schoenhut, Jr. and In the Matter of the Suspension or Revocation of Real Estate Broker's License No. RB-028346-A issued to W.F. Schoenhut Corporation, Docket No. 1077, dated June 9, 1981.
Michael J. Stack, Jr., Stack & Gallagher, P.C., for petitioners.
Joseph S. Rengert, Counsel, with him James J. Kutz, Assistant Counsel, and David F. Phifer, Chief Counsel, for respondent.
Judges Blatt, Williams, Jr. and Doyle, sitting as a panel of three. Opinion by Judge Doyle.
[ 71 Pa. Commw. Page 231]
This is an appeal by William F. Schoenhut (Petitioner) and the W.F. Schoenhut Corporation from a decision and order of the State Real Estate Commission (Commission) revoking their respective real estate licenses. We affirm.
Petitioner, who was employed by Central Penn National Bank (Central Penn) as an assistant vice-president at the time, was issued a Pennsylvania real estate broker's license on July 6, 1973. Shortly thereafter, on July 19, 1973, Petitioner received shares of stock in the Green Meadow Holding Company. Green Meadow owned all the stock of the Karlee Corporation
[ 71 Pa. Commw. Page 232]
and the stock in Green Meadow was given to Petitioner for his services in procuring for Karlee a loan and credit extension from Central Penn Bank valued at approximately $1,495,000. As a result of his participation in this transaction, Petitioner, who had left Central Penn in 1974 to start his real estate practice, was convicted, on May 8, 1979, in the United States District Court for the Eastern District of Pennsylvania of:
(1) receiving, as an employee of the bank, a commission and/or gift for aiding in the procurement of a loan in violation of 18 U.S.C. § 215;
(2) participating in a criminal conspiracy in violation of 18 U.S.C. § 371; and
(3) submitting false reports to Central Penn in violation of 18 U.S.C. § 1005.
The District Court subsequently fined Petitioner $10,000 and imposed a prison sentence on him ...