MEMPHIS, TN (abc24.com) – Tennessee has revoked the license of two realtors, Billy Featherstone Jr. and Billy Featherstone Sr. According the state, the duo took customers money and did not secure the funds in an escrow account, as required by law.
When customers asked for the money back, the state said it was not returned.
Vernetta Thomas told abc24.com the Featherstones took $7,000 dollars from her and she had the receipts to prove it.
“Every time we got ready to close on a deal, he kept saying he wanted more money,” said Thomas. “That was our hard earned money. We worked hard for it.”
In addition to Thomas, more than a half dozen other customers filed complaints with the Better Business Bureau about the Featherstone's and their companies.
“The common thread is people are not getting the homes they thought they were going to get, they’ve paid earnest money and not been able to get the money back and they’ve been told they were approved for loans when they haven’t been approved,” said Randy Hutchinson, with the Better Business Bureau.
“There was thousand of dollars involved in all these complaints,” Robyn Ryan with the Tennessee Department of Commerce and Insurance told abc24.com. “There was no accounting for any of the money, there were no contracts provided for the transactions.”
Billy Featherstone admitted in state records to taking money, not putting it in escrow accounts and not returning it, and not keeping transaction records for three years.
The Featherstone's were going to talk to abc24.com, but cancelled an interview on the advice of their attorney.