Right Column

SACRAMENTO—The Department of Boating and Waterways (Cal Boating) has placed Nancy Adair on a three year probation. The probation period  will end at midnight on May 8, 2011.

Nancy Adair, Broker of Record for Adair Yachts, entered into a stipulated settlement and disciplinary order with Cal Boating for violation of the Harbors and Navigation Code sections 716(a), 716(b), 714, 732(f), 732(m) and 733(d).  The violations included the following actions: 1) improper listing agreements, 2) improper offers to purchase, 3) improper disbursement of funds, 4) failed to properly maintain client funds in trust account, 5) breach of fiduciary duty, and 6) publication of false statements.

The order stipulates three years of probation with the following conditions:

• Obedience of federal and state laws and regulations governing the use of her license
• Reporting to the department for the period of probation by providing reports/declarations when requested by the department
• Cooperating with the department’s inspection program and monitoring of probation
• Reimbursing the department $3,000 for its cost of investigation and prosecution
• Reimbursing the department for its costs associated with probation monitoring
• Maintaining an active license with the department during the period of probation
• Notifying the department of any changes to employment or change of address, and of any periods of residency or work outside of California  

Violation of probation may result in the revocation of Ms. Adair’s Yacht and Ship Broker’s license # B-02722-02722-SM.

Cal Boating licenses and regulates yacht brokers and salespersons in California; those selling used vessels 16’ or longer and less than 300 gross tons are required to be licensed. Cal Boating enforces the Harbors & Navigation Code to regulate the activities of licensees to ensure compliance and provide consumer protection.

-30-