Realty Executives Inc. sues former president

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Inman Connect San Francisco, Jul 16-20, 2018

The former president and designated broker of Realty Executives Inc., John E. Foltz, allegedly disparaged the company's owners in an attempt to undermine their authority and wrest control of the company from them, according to a lawsuit accusing Foltz of fiduciary misconduct and breach of conduct.Through his attorney, Foltz denied the allegations, maintaining that Realty Executives Inc., also commonly known as Realty Executives of Phoenix, is attempting to break the terms of an employment agreement that was not scheduled to expire until 2015.Foltz, who has worked for Realty Executives Inc. since 1978, was named the president and designated broker of the company in 1989, holding that position for two decades before being replaced last fall.In a May 24 complaint, franchisee Realty Executives Inc. and franchise company Realty Executives International Inc. claims Foltz or employees under his charge prepared false financial statements, failed to monitor and reduce expenses in the face of de...