"Upon a finding by the Real Estate Licensing Board that a real estate broker or salesman has knowingly and willfully converted to his own use any funds held in trust for others, the Board may as a part of its judgment in -such case direct that a copy of its Order be forwarded to the appropriate Office of the District Attorney for criminal prosecution."

¹'The Licensing Board feels compelled to take this action due to the alarming increase in cases of conversion of trust funds by real estate licensees.

The willful and unauthorized use or misapplication of money held in trust by a real estate broker for purposes other than that for which it is held constitutes the crime of embezzlement. In North Carolina, embezzlement is a felony punishable by imprisonment up to ten years or a fine or both.