Chicago Feds Charge Closing Agent In $500K+ Real Estate Escrow Swindle; Ripoff Of Insurance Premiums Due To Title Underwriter Among Allegations

From the Office of the U.S. Attorney (Rockford, Illinois):

• A federal grand jury in Rockford [] returned a seven-count indictment charging KIRBY SEAN MCKEE ("McKee"), age 50, of Davis, Illinois, with having embezzled more than $500,000 in funds that had been placed in escrow accounts and insurance premiums. McKee is charged in the indictment with embezzling money, funds and premiums of A Title Escrow Company, Inc. ("ATEC") and Stewart Title Guaranty Company, ("Stewart").(1)

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• The indictment alleges that McKee embezzled more than $500,000 that had been provided by title insurance customers to ATEC and placed in escrow accounts. [...] The indictment [...] also charges McKee with having embezzled title insurance premiums ATEC had collected from its customers on behalf of Stewart. Instead of remitting those premiums to Stewart, the indictment charges that McKee embezzled and misappropriated those premiums to his own use and for the use of ATEC.

For the entire press release, see Former Freeport Title Company Manager Indicted On Federal Insurance Embezzlement Charges.

(1) According to the indictment, ATEC was a title and escrow company located in Freeport, and was a registered agent of Stewart, a Texas-based title insurance company. The indictment states that ATEC had, in the Freeport area, sold title insurance policies issued by Stewart.