Philly Feds Charge Title Insurance Agency Owner w/ Allegedly Glomming Onto Clients' Cash Held In Escrow, Causing Over $1 Million In Losses To Victims

From the Office of the U.S. Attorney (Philadelphia, Pennsylvania):

• Anthony R. Angelo, 69, of Philadelphia PA was charged [] by Information with wire fraud and bank fraud, announced United States Attorney Zane David Memeger.
  
  The Information alleges that Angelo was the owner of Aracor Search & Abstract Services, Inc., a title company that provided real estate title insurance services and transactions, located in Philadelphia, Pennsylvania. Because Ararcor was in debt, Angelo caused funds from dedicated escrow accounts to be used to pay off other escrow obligations and operating costs, causing a loss of over $1 million to the victims.

Source: Title Company Owner Charged With Misusing Funds.