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State Files Action to Revoke Tobin Real Estate License

August 17, 1995|JAMES S. GRANELLI | TIMES STAFF WRITER

LOS ANGELES — State real estate regulators, who ordered defunct Tobin Investment Corp. last week to stop violating state laws, filed accusations Wednesday that seek to revoke the real estate licenses of the Huntington Beach company and its owner, Harold E. (Hal) Tobin.

Tobin's real estate development and investment operations, which he shut down early this year, left about 300 mostly elderly Southern California investors with up to $60 million in losses. Tobin, who moved to Las Vegas, is the subject of several lawsuits.

The state Department of Real Estate filed accusations Wednesday that follow its previous action ordering him to desist and refrain from violating state real estate laws. The latest complaint accuses him and his company of employing an unlicensed salesman, misapplying more than $3.3 million in investor loan funds, failing to give investors proper disclosure statements and violating other laws.

The agency's complaint will be heard by an administrative law judge, who can recommend suspending or revoking Tobin's license.

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