World Wide Brokerage Corporation

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IN THE MATTER OF WORLD WIDE BROKERAGE CORPORATION ET AL. CONSENT ORDER, ETC. , IN RI':GARD TO THE ALLEGED \'IQLATIOK OF THE FEDERAL TRADE CO)l)lISSJQN ACT Docket H945. C01JJ7)lnint, iVOI). 1.9 1957-LJecisi(J1 , Jltly, 1.9.58 Consent order requiring- a Chicago real estate firm to cease representing falsely through post carels, circulars, c1:e., and statements made by its salesmen to persons who had property for sale that it had available prospective bl1yns interested in the specific propert.cs and that the property would lH sole! in a short time as a result of its efforts; that the property \vas underpriced and 1:he 'lsking price should be raised; that its sales representatives were bonded or insured; that it would finance the purchase of Ij tcc1 properties through iis financial department; that the listing fee was an advance on the selling commis ion and would be refunded jf the IJl' Operty was not sold in a short time; that t.he listed property would be nationally aclvertj ec! through m'wspapers and associated real estate brol,crs; and that it would furnish experienced appraisers to evaluate jt, 1111' . John W. Brookfield, Jr. and Mr. Be?T1)1na.n Davis- for the Commission.

111'. Herma.n Heroert Moses of Chicago, Ill. , for respondents. INITIAL DECISION BY WILLIAM L. PACK, HEARING EXAMINER The complaint in this matter charges the respondents with misrepresenting services performed by them in advertising and selling real estate and other property. An agreement has now been entered into by respondents and counsel supporting the complaint which provides, among other things, that respondents admit all of the jurisdictional allegations in the complaint; that the record on which the initial decision and the decision of the Commission shall be based shall consist solely of the complaint Rnd agreement; that the inclusion of findings of fact and conclusions of law in the decision dispo ing of this matter is waived, tog-either "\with any further procedural steps before the hearingexaminer and the Commission; that the order hereinafter set forth may be entered in disposition of the proceeding, such order to have the same force and effect as if entered after a full hearing, respondents specifica1l)' waiving any and a1l rights to challenge or contest the validity of such order; that the order may be altered, modified, or set aside in the manner provided for other FEDERAL TRADE COMMISSION DECISIO;-S Order 55 F.

orders of the Commission; that the complaint may be used in construing the terms of t.he order; and that the agreement is for settlement purposes only and does not constitute an admission by respondents that they have violated the law as alleged in the complaint.

The hearing examiner having considered the agreement and proposed order and being of the opinion that they provide an adequate basis for appropriate disposition of the proceeding, the agreement is hereby accepted, the following jurisdictional findings made, and the following- order issued: 1. Respondent World Wide Brokerage Corporation is a corporation existing and doing business under and by virtue of the laws of the State of Delaware, with its offce and principal place of business located at 100 West Monroe Street, Chicago, Ill. Respondents Thomas E. J oyee, Burton Sherre, Mrs. Thomas E. Joyce, also known as :\ancy Lee Buell, and E. J. O'Malley are offcers of the corporate respondent, having addresses the same as that of the corporate respondent. Respondent Frank Don. Livingston is an individual and Eastern sales representative for the corporate respondent, and is actively engaged in carrying on the business of said corporate respondent in the Eastern area of the United States. His address is Green Haven Shores, Lower Pawcatuck, Conn. 2. The Federal Trade Commission has jurisdiction of the subject matter of this proceeding and of the respondents, and the proceeding is in the public interest.

ORDER U is oide/'ed That respondents, World Wiele Brokerage Corporation, and its offcers, and Thomas E. Joyce, Burian 8herr8, lvII's. Thomas E. Joyce, also known as :\ancy Lee Buell, and E. J. lVlallcy, individually and (-.S omeen; of said corporation, and Frank Don. Living-ston, individually, and each of respondents agents, representatives and employees, directly or through any corporate or other device, in connection with the offering for sale, or sale, of advertising" in nevv spapers or in other advertising media, or of other services or facilities in connection with the offering or listing for sale, selling, buying or exchanging, of business or any other kind of property, in commerce, as "commerce is defined in the Federal Trade Commission Act, do forthwith cease and desist from:

1. Representing, directly or by implication: WORLD WIDE BROKERAGE CORPORATION ET AL. Decision (a) That respondents have available prospective buyers who are interested in the purchase of specific property; (b) That property will be sold through the efforts of respondents;

(c) That property sought to be listed is under priced or that the asking price should be increased, or that respondents can or wil sell the property at the increased price; (d) That respondents' sales representatives are bonded or insured;

(e) That respondents maintain a financial department, or that they possess the finances and ability to finance the purchase of listed property;

(f) That the listing fee is an advance on the selling commission or will be refunded to the property owner; (g) That respondents will advertise the property of a prospective seller by any means that is not in accordance ,,,ith the facts; (h) That respondents furnish qualified, experienced or expert appraisers to evaluate property sought to be listed with them. 2. Using the corporate name World Wide Brokerage Corporation, or such statements as "a world wide organization " or representing in any manner or by any means th3.t respondents operate 011 an international basis.

DECISION OF THE COMMISSIO'i AND ORDER TO FILE REPORT OF COMPLIANCE This matter having come on to be heard by the Commission upon its review of the hearing examiner s initial decision fied on April 30, 1958, and the Commission having determined that said initial decision is adequate and appropriate in all respects to dispose of this proceeding:

11 is o1de1ccl That the aforesaid initial decision be, and it hereby is, adopted as the decision 01 the Commission. It is fU1"thel o1"de1ed That the respondent World Wide Brokerage Corporation, a corporation, and respondents Thomas E. .J oyce, Burton Sherrc, Yrrs. Thomas E. Joyce, also known as Nancy Lee Buell, E. J. O'Malley, and Frank Don. Livingston shall, within sixty (GO) days after service upon them of this order, file with the Commission a report in vlriting setting forth in debtil the manner and form in which they have complied with the order to cease and desist contained in said initial decision. : .

Decision 55 F.