Tuesday, June 22, 2010

Maryland Title Agent Gets Eight Years In $7M+ Escrow Swindle Occurring Over 10+ Years

In Baltimore, Maryland, The Baltimore Sun reports:
  • State prosecutors say a title company executive accused of taking more than $7 million from escrow accounts has been sentenced to eight years in prison. Prosecutors say 67-year-old George Sybert Sr. of Reisterstown was also ordered to pay $2.9 million in restitution; another restitution hearing is scheduled Friday.

  • Sybert pleaded guilty in February to 13 counts of theft and was sentenced Wednesday in Baltimore City Circuit Court. Prosecutors say the thefts occurred between 1997 and 2009. Sybert owned the Maryland Title Company in Baltimore and previously owned American Title Guarantee and Maryland Commercial Title.

  • Victims said their lives were ruined by someone they trusted. Sybert apologized, saying he did not realize the full consequences of his actions.

Source: Title company executive gets 8 years in $7 million theft.

In a related column profiling Sybert's escapades, see Lax oversight enables title-insurance crooks.