Western Missouri Feds Flag Title Agency Owners For "Illegal Dip" Into Clients' Escrow Cash; Used Check Kiting Scam To Conceal $2.6M Racket: Grand Jury

From the Office of the U.S. Attorney (Springfield, Missouri):

• Matt J. Whitworth, United States Attorney for the Western District of Missouri, announced [...] that the owners of Guaranty Title, formerly headquartered in Nixa, Mo., have been indicted by a federal grand jury for participating in a $2.6 million conspiracy to commit bank fraud, wire fraud and money laundering. Richard G. “Rick” Burton, 59, of Nixa, and Kathy Cyrena Allen, also known as Kathy Stanton, 66, of Sarcoxie, Mo., were charged in a 19-count indictment returned by a federal grand jury in Springfield [...].(1)

• The federal indictment alleges that Burton and Stanton, through their companies, conspired to defraud financial institutions of more than $2.6 million through a series of illegal financial transfers related to stolen escrow payments. The indictment also alleges that Burton and Stanton attempted to conceal their criminal activities through a substantial check-kiting scheme.

For the rest of the U.S. Attorney press release, see Owners of Guaranty Title indicted for $2.6 million bank fraud, wire fraud, money laundering conspiracies.

(1) According to the press release, Burton and Stanton were the co-owners of Guaranty Title Company of Southwest Missouri, Guaranty Title Company d/b/a Guaranty Title and Closing Company, and Guaranty Properties, Inc. The companies provided real estate title and closing services. Guaranty’s main office was located in Nixa, with at least 10 branch offices located in Aurora, Branson, Mount Vernon, Ozark, Springfield and Republic, Mo. EscrowRipOffKappa