First Robo signers, now Robo brokers(Rushmore)

http://online.wsj.com/article/SB10001424052748704104104575622633642221428.html?mod=googlenews_wsj John Cobb, a 77-year-old civil rights attorney from Newburgh, N.Y., is also a top-performing broker at the Rushmore, a glimmering Manhattan condominium with sweeping views of the Hudson River. He sold nine Rushmore apartments in 2006 and earned $669,000 in commission checks, according to internal... [more]

http://online.wsj.com/article/SB10001424052748704104104575622633642221428.html?mod=googlenews_wsj John Cobb, a 77-year-old civil rights attorney from Newburgh, N.Y., is also a top-performing broker at the Rushmore, a glimmering Manhattan condominium with sweeping views of the Hudson River. He sold nine Rushmore apartments in 2006 and earned $669,000 in commission checks, according to internal sales documents from Corcoran Sunshine Marketing Group, the building's sales and marketing agent, that were reviewed by The Wall Street Journal But Mr. Cobb says he doesn't know anything about the apartments sold. And he has never met any of the people who bought those condos. "I don't know what the Rushmore is," he said in an interview. Some people familiar with the property say several of the nine apartments sold and attributed to Mr. Cobb were actually shown by Carolyn Li, whom Mr. Cobb said has been a friend for 15 years. Under New York state law, only real estate brokers and lawyers can sell property on behalf of someone else and collect commissions. As a licensed New York attorney, Mr. Cobb is entitled to collect broker commissions but it is against the law for him to split them with someone who isn't a licensed broker. And it is against the law for someone who isn't a licensed broker to receive commissions. None of the documents reviewed by the Journal show that Mr. Cobb paid any commission money to Ms. Li. Ms. Li instructed the building's developer and a Corcoran Sunshine agent that the developer would pay Mr. Cobb a 3% commission on the condo sales, according to an email Ms. Li sent them that was reviewed by the Journal. When asked whether she ever showed apartments at the Rushmore, Ms. Li said: "I don't want to discuss this. It's private information." Ms. Li said she isn't a licensed real estate broker. [less]