A lawsuit filed in October over kickbacks by a prominent broker has now been resolved. “I am committed to ensuring that my name remains synonymous with integrity and excellence,” said Bill Glaska, founder and former CEO of Portfolio Escrow.
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A spate of lawsuits between California-based Douglas Elliman and a former Portfolio Escrow executive over illegal kickbacks and other claims came to an end with settlement notices filed in both cases last week.
Lawyers for each party still have 45 days from Dec. 17, when the settlement was filed, to file a motion for dismissal, according to the filing.
The terms of each settlement were not made public, The Real Deal reported. Douglas Elliman and Portfolio Escrow declined to comment on the settlement.
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Portfolio Escrow founder and former CEO Bill Glaska, who sued Douglas Elliman in California and was also the recipient of his lawsuit against the securities firm, said in an email: In a statement, he told Inman: My business and personal dealings are conducted with the highest ethical and moral standards. I hold a valid license. [Nationwide Mortgage Licensing System] and [California Department of Real Estate]and approval by the Department of Financial Protection and Innovation.
“Every business relationship I have developed has complied with all rules and regulations and reflects my unwavering commitment to doing the right thing,” Glaska added. “Currently, I am the CEO of Riviera Financial Partners and the Aspen 1031 Exchange. My most recent business is Ravello Escrow Inc., of which I am the CEO. Ravello is headquartered in Beverly Hills and , California’s fastest growing, most technologically advanced and exciting escrow company.
“Transparency, compliance and integrity are the pillars that drive and guide my business practices,” Mr. Glaska continued. “I firmly believe that a person’s reputation and accomplishments are everything, and I am committed to ensuring that my name remains synonymous with integrity and excellence.”
A lawsuit was filed by both sides in October, with Elliman executives alleging in an Oct. 23 filing that employees of Portfolio Escrow, which was acquired in 2020, were involved in a fee-sharing scheme starting around January 2015. did. Douglas Elliman’s lawsuit alleges that what it calls “illegal kickbacks” also involved “at least one prominent Los Angeles real estate broker who is now a reality TV star.” There is. Inman later discovered him as Selling Sunset star Jason Oppenheim.
Oppenheim acknowledged receiving payments from the portfolio, but said calling them “kickbacks” was “not a fair representation.”
The lawsuit filed Oct. 14 by Bill Glaska alleges that Douglas Elliman’s California securities firm asked portfolio escrow managers to “inflate the final report to allow Altmans.” claims. [of Million Dollar Listing LA fame] In order to earn more commission. ”
Mr. Glaska also alleged that Elliman agents were incentivized to use portfolio escrow on transactions through higher commissions and increased marketing costs, without disclosing the incentives to consumers. Mr. Glaska filed suit for retaliation, breach of contract and defamation against Douglas Elliman, as well as escrow agents Melinda Topete and Renee Mills, Elliman’s Financial LLC and Western Region CEO Steven Kotler. COO William Begert was named as a defendant.
Matt and Heather Altman told Inman at the time: “We’re at the top of the real estate industry and on TV, so this kind of thing happens all the time…We don’t have anything to do with this.” It has nothing to do with it, it’s just people desperately trying to get attention.” The Altman brothers are not named in either lawsuit. ”
Graska sold Portfolio Escrow to Douglas Elliman in 2020, but remained with the firm until his abrupt resignation in June 2024. Douglas Elliman said in the complaint that Graska resigned days after he was placed on leave and hours before the brokerage decided to terminate him. and warned him that it had discovered suspected inappropriate conduct.
Douglas Elliman also accused Graska of a 1031 exchange called Sienna Financial, which charged “expensive meals and lavish hotel stays” on the company’s credit cards, violating a non-compete agreement with Douglas Elliman. claimed to have been established. Glaska was placed on leave after the 1031 exchange was discovered.
