Disciplinary Results

John Pait & Associates, Inc.  NCAL# 5461  (Greensboro, NC)

Effective March 10, 2014, John Pait and Associates, Inc.s' auctioneer license was permanently revoked for lack of financial responsibility for violation of 85B-8(a)(11);0404(a)(11) being incompetent in practice; and, 21 NCAC 4B.0404(a)(9) violated any federal or state statute or rule which relates to the auctioneering profession.

Johnson, Steven R.   NCAL# 9781   (Shawboro, NC)

Effective January 10, 2017, Steven R. Johnson was permanently revoked for violation of the following: N.C.G.S. 85B-7.1(a) Each licensee who does not disburse all funds to the seller on auction day shall maintain a trust or escrow account and shall deposit in the account all funds that are received for the benefit of another person and are not disbursed to the seller on auction day; N.C.G.S. 85B-8(a)(2) A continued and flagrant course of misrepresentation or making false promises, either by the licensee, an employee of the licensee, or by someone acting on behalf of and with the licensees consent; N.C.G.S. 85B-(8)(a)(3) Any failure to account for or to pay over within a reasonable time, not to exceed 30 days, funds belonging to another which have come into the licensees possession through an auction sale; NC.G.S. 85B-8 (a)(10) Failure to properly make any disclosures or to provide documents or information required by this Chapter or by the Commission; 21 NCAC 4B.404(a)(1) violation of any provision of N.C.G.S. 85B; 21 NCAC 4B.0404(a)(2) violation of any provision of the Rules under 21 NCAC, Subchapter 4B; 21 NCAC 4B.0404(a)(6)(A) failure to completely cooperate with any investigation; 21 NCAC 4B.0404(a)(11) being incompetent in practice; 21 NCAC 4B.0404(a)(12) engaging in unprofessional conduct; and 21 NCAC 4B.0603(c) Every auctioneer/firm that does not disburse all funds to the seller on auction day shall establish and maintain a separate bank account designated as Custodial Account for Sellers Proceeds or some similar identifying designation, to disclose that the depositor is acting as a fiduciary and that the funds in the account are trust funds. Steven R. Johnson waived his right to appeal as allowed by law.