MARSHFIELD, Mass. — The owner of a now-defunct real estate company based in Massachusetts has been indicted on embezzlement charges, prosecutors announced this week.
A Plymouth County grand jury returned a four-count indictment on Sept. 12, charging Stephen D. Webster, the longtime broker and principal of the Marshfield-based Success! Real Estate, with one count of fiduciary embezzlement, larceny over $1,200 by a single scheme, witness intimidation, and publishing a false financial statement, according to Plymouth District Attorney Timothy Cruz.
In court paperwork obtained by Boston 25 News, prosecutors allege that Webster diverted over $11.6 million in client escrow funds into business and personal accounts, violating Massachusetts escrow laws.
Webster is accused of using those funds to pay high-interest loans, gambling withdrawals, personal debt, and luxury expenses, including BMW and Tesla vehicles, as well as rentals in Florida.
Additionally, prosecutors say Webster submitted a falsified bank letter to state regulators during a 2023 audit, claiming escrow accounts held $1 million when they held only $7,321.51.
The same falsified letter is cited as evidence of misrepresenting the financial health of Success! Real Estate, according to prosecutors.
Buyers and sellers lost hundreds of thousands at closings, and real estate agents were left with over $500,000 in unpaid commissions, court documents indicate.
Webster has previously admitted in court that the allegations against him were “basically accurate.” His licenses have since been revoked.
He also faces multiple lawsuits filed on behalf of more than a dozen realtors.
Success! Real Estate closed on December 14, 2024.
Webster was recently arrested in Florida. He is currently awaiting an extradition hearing to be brought back to the South Shore.
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