S. Fla. Feds Bag Attorney For Looting $1M+ Out Of R/E Escrow Acct.; Cash Intended To Pay Off Existing Lien Holders; Title Insurer Left Holding The Bag

From the Office of the U.S. Attorney (Ft. Lauderdale, Florida):

• [A]ttorney Peter N. Price, 49, of Hollywood, pled guilty [] to a criminal information charging him making false statements to HUD, [...]. In addition, Price agreed to make restitution to Stewart Title Guaranty, the victim of his fraud, in the amount of $1,608,246.57.

***

• According to the criminal information and statements made during [a] plea hearing, Price, a title attorney, operated Intracostal Title Services, Inc., a title company in Hollywood, Florida. According to statements made in court, Price embezzled more than $1,000,000 in loan proceeds that had been sent to Intracostal’s escrow bank account by clients to pay off prior mortgage loans. Instead of using the money as directed, Price prepared and sent a false HUD1 Real Estate Settlement Form, falsely reflecting the old loans had been paid.

For the U.S. Attorney press release, see Broward Title Lawyer Charged In Connection With Mortgage Scheme.