A realtor who worked out of an office in Somerville has admitted to defrauding clients of over $100,000, according to an announcement from the Middlesex district attorney.
Farkhanda "Kandy" Tarar Shah, 61, of Peabody was ordered to pay restitution, serve five years probation, and write her former clients letters of apology after she pleaded guilty to charges of felony larceny, fiduciary embezzlement, and being a common and notorious thief, Middlesex County District Attorney Marian Ryan announced Monday.
Shah conducted business through her real estate company, K-Realty, located on Broadway in Somerville.
Between 2007 and 2009, she repeatedly spent her clients deposits -- which were supposed to be kept in an escrow account -- on business and personal expenses.
When deals fell through, and clients sought to get their money back, Shah was unable to return it to them because she had already spent it, prosecutors said.
"Her actions turned what should have been a positive experience of buying a home into a devastating financial hardship for these victims," Ryan said in a statement.
Shah's sentence was handed down by Middlesex Superior Court Judge Kenneth Desmond.