Welcome to The Home Equity Theft Reporter, a blog dedicated to informing the consumer public and the legal profession about Home Equity Theft issues. This blog will consist of information describing the various forms of Home Equity Theft and links to news reports & other informational sources from throughout the country about the victims of Home Equity Theft and what government authorities and others are doing about it.
Wednesday, April 19, 2017
Mortgage Broker Cops Guilty Plea To Pilfering $132K That He Promised To Hold In Escrow On Behalf Of Client Seeking Secured Loan
From the Office of the U.S. Attorney (Albany, New York):
Michael Pampalone, age 34, of Elizabeth, New Jersey, pled guilty today [April 11] to defrauding a Rensselaer, New York, resident of $132,450.
As part of his guilty plea, Pampalone admitted that he stole money that he had promised to hold in escrow for a client seeking a mortgage. After the client sent him two wires totaling $132,450, Pampalone withdrew the money and used it for his own purposes.
CBC News: Betrayal of Trust (A CBC investigation reveals how lawyers across Canada have misappropriated and mishandled clients money, to the tune of tens of millions of dollars, or sometimes even charging vulnerable people top dollar for shoddy services)
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