Mass. Lawyer Gets 5 Years For, Among Other Things, Pocketing $500K+ Meant To Pay Off Existing Liens While Acting As Closing Agent In Real Estate Deals
Included in his bad acts, according to the Massachusetts AG's office:
- From April through September 2007, Namenson carried out a scheme that defrauded home sellers and buyers and financial lending institutions. During this time Namenson acted as closing agents for three residential real estate closings. At the time of these sales there were outstanding mortgages on the properties totaling over $500,000. The buyers obtained loans to purchase the properties. At the time of the closings, the purchase funds were wired to Namenson’s business account for the purpose of paying off the outstanding mortgages, with the balance of the proceeds (minus closing costs) payable to the sellers. After the closings, Namenson failed to pay off the over $500,000 in mortgage debts remaining on the homes. As a result, the homes were threatened with foreclosure. Namenson attempted to avoid foreclosure and discovery of the thefts by periodically making partial loan payments to the banks.
For the Mass AG's press release, see Quincy Attorney Pleads Guilty, Sentenced on Charges of Insurance Fraud, Larceny, Forgery, Embezzlement and Other Charges.
Go here, Go here, and Go here for other stories of trust account / escrow account theft of funds. sneaky slick escrow agents gamma
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