From the
Office of the U.S. Attorney (St. Louis, Missouri):
- Elizabeth Glosemeyer of St. Louis County, was indicted on two counts of wire fraud.
According to the indictment, while the manager of Lenders Guarantee Title Company of St. Louis, Glosemeyer raided the company’s escrow account to fund operations.
The escrow account consisted of clients’ money and was to be used only for clients’ real estate transactions.
The indictment further alleges that Glosemeyer doctored financial records to cover up her raiding of the escrow account from Lenders’ underwriters. In the summer of 2012, an audit uncovered Glosemeyer’s scheme and Lenders went out of business soon thereafter.
Due to the deficit in the escrow account Glosemeyer created, at least one transaction in excess of $200,000 had to be closed with the underwriters’ funds.
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