Two Closing Agents Indicted For Allegedly Pocketing $500K In Payoff Proceeds Due To Existing Lien Holders

In Boston, Massachusetts, The Patriot Ledger reports:

• A Suffolk County grand jury indicted Walpole resident Bruce Namenson and his business associate Gerald Schena of Medford on larceny and embezzlement charges in connection with an alleged scheme to steal mortgage payments from loan companies.(1)

• State prosecutors said Namenson and Schena acted as closing agents on three homes that were forced into foreclosure after they allegedly absconded with $500,000 that was supposed to pay off the properties’ mortgage debts.

For the story, see Two indicted in alleged scheme to cheat lenders.

See also:

• Massachusetts Attorney General Press Release: Quincy Lawyer and Business Associate Arraigned on Charges of Fraud, Larceny, and Embezzlement in Connection with Real Estate Closings,
• Quincy lawyer, Medford associate indicted for fraud, larceny, embezzlement.

Go here, Go here, and Go here and for other stories of trust account / escrow account theft of funds.

(1) According to the story, (a) they were indicted last November on charges of insurance fraud, perjury and forgery in an unrelated case in Suffolk County; (b) the two were also indicted in Middlesex County in June on unrelated charges of insurance fraud; (c) Namenson, a lawyer who had a law firm in Quincy, was also indicted in late March for an alleged mortgage payment scam. sneaky slick escrow agents gamma