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.
  
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  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.

Source: New Jersey Man Admits Wire Fraud (Mortgage Broker Stole More Than $100,000 from Rensselaer Client).