Wednesday, April 19, 2017

Title Agency Owner Who Illegally Used Mortgage Settlement Proceeds In Escrow Account As Personal Piggy Bank Gets 57-Month Prison Sentence, Ordered To Forfeit $464K, Pay $713K In Restitution

In Tulsa, Oklahoma, Tulsa World reports:
  • The owner of a defunct Owasso title company has been sentenced to a 57-month prison term after pleading guilty earlier to fraud and money laundering charges.

    U.S. District Chief Judge Gregory Frizzell also ordered Regina Fran Webb to pay $713,245.90 in restitution as part of her sentencing Monday [April 10] in Tulsa federal court.

    Webb, 58, pleaded guilty Dec. 2 to theft of mortgage settlement funds and unauthorized use of a credit card.

    The two charges were part of a 28-count superseding indictment issued June 7 by a grand jury that accused Webb of financial institution fraud, money laundering, unauthorized use of a credit card and aggravated identity theft with alleged losses totaling more than $800,000.

    In one of the counts to which Webb pleaded guilty, she admitted to keeping $95,536 that was part of the proceeds intended to pay off the seller in a January 2011 property transaction that she oversaw.

    The other guilty plea relates to funds that were meant to pay off loans. Instead, the money was used by Webb to make a payment on an American Express credit card account that she opened in a former client’s name.

    Webb owned Owasso Title LLC and Owasso Real Estate Services at the time of the illegal transactions, which occurred between 2009 and 2012.

    The restitution order involves the eight victims of Webb’s fraudulent activity, which include title and mortgage companies, banks and American Express.

    In addition to the prison term, Webb was ordered to serve five years of post-custody supervised release and forfeit $464,500.

    Frizzell gave Webb until May 23 to report to prison. The case was investigated by the FBI and Criminal Investigation division of the U.S. Internal Revenue Service.

Links to this post:

Create a Link

<< Home