HUD and a Tulsa real estate firm reach agreement on kickback allegations

There is a new development in the investigation of a Tulsa real estate company and Tulsa area home builders. <br/><br/>McGraw Davisson Stewart, Builders Services, and other associated businesses have

Monday, March 21st 2005, 2:07 pm

By: News On 6

There is a new development in the investigation of a Tulsa real estate company and Tulsa area home builders.

McGraw Davisson Stewart, Builders Services, and other associated businesses have agreed to pay a combined $450,000 to settle allegations by the Department Of Housing And Urban Development that they accepted kickbacks for steering customers to affiliated title companies.

HUD spent six months investigating the allegations. Investigators say real estate agents and about 40 Tulsa area homebuilders received significant financial benefits when they referred business to two companies called Closings of Tulsa and Builders Title.

The president of McGraw Davisson Stewart denies any wrong-doing and maintains it had good legal advice to set up the companies the way it did.

An attorney for Closings of Tulsa says that company didn't do anything wrong and like McGraw, settled to avoid costly court battles.