In the latest bit of financial trouble for Realty Associates, a leasing company says the Boca Raton brokerage is behind on payments for printers.
De Lage Landen Financial Services Inc. says Realty Associates has defaulted on its $1,474-a-month payments on four Ricoh copiers at its west Boca office. In a lawsuit filed in Palm Beach County this month, De Lage Landen says Realty Associates owes $42,760.13.
It’s just the latest sign of financial trouble for Realty Associates and its owner, veteran broker Richard Vecchio. Among his other entanglements:
- In April, a Palm Beach Gardens landlord sued Realty Associates Florida for unpaid rent for office space at 4650 Donald Ross Road.
- In February, Branch Banking & Trust Co. sued Vecchio and Realty Associates Florida for defaulting on a $300,000 loan. Vecchio took the promissory note in 2015 and stopped paying in December, BB&T said.
- Also in February, a Boca Raton landlord sued Vecchio and Realty Associates Florida for defaulting on a $5,000-a-month lease at 2325 N. Ocean Blvd.
- Bill Joll, the former president and chief operating officer of Vechhio’s company, last year sued for $36,666.66 in unpaid wages. In court papers, Vecchio acknowledged that he didn’t pay Joll but said he withheld payment because Joll schemed to start a rival company while working for Vecchio.
- Dream Homes International last year sued Vecchio’s Realty Associates Florida for fraud and breach of contract. Dream Homes bought Vecchio’s offices in Boynton Beach, Wellington and Weston, but Dream Homes said Vecchio sabotaged the deal by discouraging agents from transferring their licenses to the new owner. Vecchio also failed to repay a $70,000 loan, Dream Homes said. “Realty Associates made every effort to circumvent the agreement,” the plaintiff said in its suit.
- Before the Dream Homes deal, a Weston landlord last year sued Realty Associates Florida for failing to make rent payments of $8,755 a month.