Gray v. State

Defendant, Kenneth Gray, appeals his conviction for grand larceny. Gray was a real estate broker who operated Continental Consultants, Inc. He had sole control over Continental’s escrow account, and made all deposits and issued and signed all checks. In April, 1976 Mr. and Mrs. Bubnow contacted Gray in his capacity as broker and he showed them the home of Mr. and Mrs. Smith. Desirous of purchasing the Smith residence, the Bubnows signed a purchase agreement conditioned upon their obtaining FHA financing and deposited $5,000 with Gray who stated that the money would be placed in Continental’s…