Third Participant In Maryland Real Estate Escrow Account Ripoff Goes Down; Scam Left Title Insurance Underwriter Holding The Bag, Cleaning Up The Mess

From the Office of the U.S. Attorney (Baltimore, Maryland):

• Stephen J. Troese, Sr., age 72, of Davidsonville, Maryland, pleaded guilty [] to wire fraud arising from a scheme to defraud lenders and a title insurance company of at least $937,183. The government contends the loss is between $2.5 million and $7 million. The exact amount of the loss will be determined at sentencing.(1)

For the entire U.S. Attorney press release, see Owner of Title Companies Pleads Guilty in Mortgage Fraud Scheme.

(1) For earlier posts on the recent guilty pleas of two other participants in this ripoff, see:

• Title Agency Owner Nailed For Attempt To Cover Escrow Shortage By Refinancing Home, Failing To Pay Off Existing Mtgs, Applying Proceeds To Shortfall,



• Phony Bank Reconciliations Dupe Title Insurer In Effort To Cover Up $3M R/E Escrow Shortage; Underwriter Left With $1.7M Tab For Unpaid Loan Payoffs.