Closing Agent Get 21 Months In Prison For Pocketing Escrow Cash Intended To Pay Off Existing Mortgages; Title Underwriter Takes $877K Hit
- Beginning in late 2007 or early 2008, Bailey used funds which were intended to pay off mortgage lenders for her own purposes. In early 2008, she diverted whole settlement amounts to her personal accounts, and started gambling in an attempt to recoup the amounts she had stolen. [... S]he stole settlement monies from as many as four homeowners, for a total of over $877,000.
For the press release, see Settlement Officer Sentenced For Diverting Funds Intended To Pay Off Mortgage Lenders (Stole Over $877,000 in Just Three Months).
Go here, Go here, Go here, and Go here for other stories of trust account / escrow account theft of funds. EscrowRipOffAlpha
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