Sunwest brokers to pay up

A receiver orders Sunwest Management brokers to pay back $11 million in commissions.

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A court-appointed receiver has ordered brokers to pay back $11 million in Sunwest Management commissions.

The receiver says the 24 brokers — 11 of whom are from Oregon — “unjustly enriched” themselves after convincing investors to pour hundreds of millions of dollars into the company.

Before it crashed in the summer of 2008, Sunwest was one of the fastest-growing companies in its industry, expanding from 20 senior housing facilities to 280 in seven years. A network of in-house and independent brokers convinced individual investors to put $430 million into the operation.

Over time, [received Michael Grassmueck] alleges, Sunwest became dependent on that investor money to stay alive.

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