Authorities Nail Another Closing Agent For Pocketing Escrow Proceeds Earmarked For Satisfaction Of Existing Mortgages

In Baltimore, Maryland, The Associated Press reports:

• The U.S. Attorney's office says a Highland woman has pleaded guilty to stealing real estate settlement funds intended to pay off homeowners' previous loans. Thirty-five-year-old Marny Arlen Bailey pleaded guilty Monday to wire fraud. [...] According to court documents, Bailey was head of Executive Settlements, which handled residential real estate closings. Prosecutors say in late 2007 or early 2008, Bailey started taking money intended to pay off lenders a closing and used it herself. Officials say in 2008, she started gambling to make back the money she had stolen.

For the story, see Woman pleads guilty to wire fraud.

For the Maryland U.S. Attorney's press release, see Settlement Officer Pleads Guilty to Diverting Funds Intended to Pay off Mortgage Lenders (Stole Almost $1 Million in Three Months).

Go here, Go here, and Go here for other stories of trust account / escrow account theft of funds. sneaky slick escrow agents gamma