Running out of business, local property manager missing with money
The Register-Guard has reported that Terry Shockley, the owner of Eugene Rentals/TS Property Management, is now missing with an unknown amount of money.
Shockley’s disappearance comes after the Lane County Circuit Court wanted to revoke his license due to Eugene Rental’s cash shortage in its trust accounts. The company has since announced it is going out of business.
Eugene Rentals, which bills itself as “the largest single-family home managers in the Eugene/Springfield area,” manages about 3,500 housing units, including Paradigm Properties’ student housing projects and the Patterson Tower in Eugene. It is not clear at this time who is responsible for the missing money, but the state estimated the amount may be up to $1 million or more.
The court decided to hand over the business to a Washington-based company called Pivotal Solutions Inc. last week.
The Emerald has not been able to reach Shockley since Thursday. The state document reported that Shockley has falsely claimed to make more money than he actually did and that he used falsified paperwork to deceive Real Estate Agency auditors for more than 20 years.
Shockley’s clients have been forced to find new property managers, according to Pivotol’s notice. Some are struggling with mortgages because of the missing rent.
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