Disciplinary Results RCW Auctions, Inc. NCAL# 9410 (Kernersville, NC)
Effective January 2, 2018, licensed auctioneer Robert Christopher Wagner and licensed auction firm RCW Auctions, Inc. were issued a Letter of Reprimand for violations of NCGS 85B-7 (b) Each licensee shall maintain consignment records and enter in them, upon receipt of goods for auction and before sale, the name and address of the person who employed the licensee to sell the goods at auction and the name and address of the owner of the goods to be sold. The consignment record shall contain an adequate description of the goods to be sold and shall be sufficient to positively identify each item. Consignment records shall be open for inspection by the Commission or its designated agent at reasonable times; NCGS 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. The licensee shall deposit funds that are not disbursed on auction day with an insured bank or savings and loan association located in North Carolina. At or before the time of all final settlements, the auctioneer shall provide the seller or consignor with a settlement statement, which includes a description of all goods sold, the selling price of the goods sold, the net proceeds due to the seller or consignor, the name and address of the person receiving the disbursement, and the amount of the disbursement. All settlement statements shall be signed by the licensee or the licensees agent and by the person receiving the disbursement; NCGS 85B-8 (a) (10) Failure to properly make any disclosure or to provide documents or information required by this Chapter or by the Commission; 21 NCAC 4B .0604(c) The consignment records shall be kept by the licensee for a period of two years from the date of the auction; and 21NCAC 4B.0604 (g) All required records shall be open for inspection by the Commission or its designated agent at reasonable time, or copies of the same shall be provided to the Commission or its designated agent upon written request. Robert Christopher Wagner, individually and on behalf of the licensed auction firm, waived the right to appeal as allowed by law and agreed to the Board`s findings of violations.
Rex Venture Group, LLC NCAL# 9401 (Lexington, NC)
Effective June 10, 2013, Rex Venture Group, LLC's auction firm license was revoked indefinitely for failing to notify the North Carolina Auctioneer Licensing Board of it's involvement in a court action (a civil suit) as required by 21 NCAC 4B .0405(b).
Russell, Joseph Warren NCAL# 4039 (Thomasville, NC)
Effective November 23, 2011, Mr. Russell's North Carolina auctioneer license was permanently revoked for failure to properly make any disclosures or to provide documents or information required by this Chapter or by the Commmission, N.C.G.S. 85B-8(a)(10).