Iowa Feds Indict Closing Agent For Illegally Pocketing Escrow Money From Real Estate Transactions

In Sioux City, Iowa, KMEG-TV Channel 14 reports:

• An Emmetsburg, Iowa real estate broker is charged with fraud, identity theft, and money laundering. She allegedly committed the crimes while working as a real estate settlement agent from 2005 to 2008. Fifty-nine-year-old Jean Teresa Hoffert faces 25 counts in the case.

• According to the U.S. Attorney's office she fraudulently kept portions of sale or mortgage loan proceeds. If convicted on all counts she could face a fine of over $6 million and over 475 years in prison followed by 81 years of supervised release.

Source: Real Estate Broker Charged with Theft, Money Laundering.