Title Agents Ripped Off $700K In Closing Proceeds, Says Prosecutor; Late/Foreclosure Notices Tip Off Unwitting Homeowners Of Alleged Theft

In Freehold, New Jersey, the Asbury Park Press reports:

• A Monmouth County grand jury has handed up an indictment accusing two sisters who ran a pair of Freehold title agencies of pocketing more than $700,000 from clients and using the money to buy luxury cars and travel. Rebecca Marchese-DePeri-Grande, 37, of Jackson and Meredith Miller, 34, of Brick were arrested Monday following the indictment.(1) The pair had been under investigation since 2005 after authorities received complaints from customers of both the R.M.J. and Spectrum title agencies, according to a statement issued by Monmouth County Prosecutor Luis A. Valentin.

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• According to Valentin, the pair used money from various escrow accounts associated with the businesses that was supposed to be turned over to banks for cover closing costs and refinancing fees was instead used to purchase Ferraris, lavish homes and travel. The total amount of the alleged theft is about $786,000, and at least 15 victims have been identified, Valentin said.

• Customers of the businesses — neither of which is currently conducting business — initially discovered the missing money after they began receiving late notices and foreclosure notices from lenders.

For the story, see Monmouth County grand jury indicts sisters on theft, conspiracy charges.

For the Monmouth County DA press release, see Two Title Agency Owners Indicted in Connection with Theft of Over $780,000 from Clients.

(1) According to the story, both women are charged with second-degree counts of conspiracy, misappropriation of entrusted property, theft by failure to make a required disposition and misconduct by a corporate official. Additionally, Miller is charged with theft by deception and two counts of writing bad checks, the story states. EscrowRipOffKappa