Simonian & Murray

On 2/16/18, my company entered into an agreement to purchase another company, "contingent upon Buyer reviewing, to Buyer’s satisfaction and approval, pertinent information and documents including, but not limited to 1) the last 12 months of the Business bank statements" and "Any written notification of cancellation of this Purchase Agreement must be sent to Seller on or before March 20, 2018. Raymond J. Capece, Esq. insisted that the $5,000 refundable deposit be transferred from the escrow agent holding the money to his office specifically. On 2/22/18, my company emailed a complaint that the seller has not provided the required financial documentation, such as bank statements. On 3/19/18, having still not received the bank statements, my company canceled the contract in writing, as the lack of financial data did not meet "Buyer's satisfaction and approval." On 3/20/18, Raymond J. Capece, Esq., acting as escrow agent, stated: ". . .the court will adjudicate and settle the dispute." and "Please be advised the earnest money deposit will not be released by our office until a judgment is rendered." This is in clear violation of the terms of the contract. It is our opinion that Mr. Capece of Simonian & Murray has violated fair and ethical practices as escrow agent.