South Florida Title Agency Duo Charged With Looting $10M From Escrow Account; Cash Earmarked For Completing Real Estate Closings

In West Palm Beach, Florida, the U.S. Attorney's Office announced four mortgage/real estate fraud indictments of 15 individuals in four separate cases, including the following:

West Palm Beach Residents Charged with Looting Title Company’s Escrow Account

• According to an indictment returned by a federal grand jury sitting in West Palm Beach, between July 2005 and May 2008, Roger C. Gamblin, 61, and Peggy L. Gamblin, 53, both of Royal Palm Beach, Florida, defrauded companies and individuals out of approximately $10 million.

• According to the indictment, the husband and wife owners and operators of Flagler Title Company teamed up to steal money from the escrow account for Flagler Title Company to cover company operating expenses and personal expenses. The fraud was committed by promising the Title Insurance Companies they represented and various companies and individuals with outstanding real estate transactions that money in the Flagler Title Company escrow accounts would be used solely in connection with real estate transactions and their fees would not be disbursed until the transactions occurred and Flagler had earned their fee. Instead, the Gamblins caused money to be transferred without completing the transactions or obtaining permission from the Title Insurers, buyers, sellers and mortgagees involved in the property transactions.

For the entire press release, see Palm Beach County Mortgage Fraud Task Force Brings Charges Against 15 Defendants For Lying To Banks To Get Money. EscrowRipOffKappa