Bergen Realtor Accused Of Stealing $345K In Clients' Down Payments

FORT LEE, NJ — A borough realtor was charged with theft and misconduct after he stole $345,000 from clients who gave him the money as down payments on properties, Bergen County Prosecutor Gurbir Grewal said.

Peter Live, 41, owner of Live Realty Inc., was charged after Fort Lee Police received complaints from five clients who said they gave Live down payments for real estate transactions and that, instead of holding the money in escrow, Live kept it and did not complete the transactions, said Bergen County Prosecutor Gurbir Grewal.

An investigation by the prosecutor's office Financial Crimes Unit and the Fort Lee Police Department revealed that Live received about $375,000 from his clients, which he deposited into business accounts he controlled and then withdrew the money "for his own purposes," Grewal said.

Live was arrested Thursday in Paramus; he was charged with failure to make lawful disposition of property received, with a value greater than $75,000, theft by deception, and misconduct b a corporate official, Grewal said.

Live was served with a complaint summons and released. He is scheduled to appear in Bergen County Central Judicial Processing Court for a first appearance Oct. 18, Grewal said.

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Photo: Peter Live, 41, of Fort Lee/Bergen County Prosecutor's Office