Texas Man Charged with Misappropriating Escrow Funds

Allison Tussey —  November 16, 2010 — Leave a comment

Jason Chumley, 36, McKinney, Texas, was indicted on charges of conspiracy to commit mail fraud.

According to the indictment, Chumley is alleged to have been involved in a scheme in which defendants, Ty Howerton and Rick Payne solicited a victim to loan Howerton money to purchase two pieces of real estate. Howerton and Payne assured the victim the funds he would be loaning would be protected from embezzlement because the funds would be placed in escrow accounts with Payne or Jason Chumley. Howerton and Payne, with assistance from Chumley, transferred the loan funds out of the escrow accounts without the consent of the victim and used the funds for their own purposes. Howerton and Payne have already been charged and convicted in this scheme and are awaiting sentencing. If convicted, Chumley faces up to 20 years in federal prison.

U.S. Attorney John M. Bales announced the grand jury indictment.

This law enforcement action is part of President Barack Obama’s Financial Fraud Enforcement Task Force. President Obama established the interagency Financial Fraud Enforcement Task Force to wage an aggressive, coordinated and proactive effort to investigate and prosecute financial crimes. The task force includes representatives from a broad range of federal agencies, regulatory authorities, inspectors general, and state and local law enforcement who, working together, bring to bear a powerful array of criminal and civil enforcement resources. The task force is working to improve efforts across the federal executive branch, and with state and local partners, to investigate and prosecute significant financial crimes, ensure just and effective punishment for those who perpetrate financial crimes, combat discrimination in the lending and financial markets, and recover proceeds for victims of financial crimes.

This case is being investigated by the FBI, the U.S. Postal Inspection Service and the Texas Department of Insurance and is being prosecuted by Assistant U.S. Attorney Andy Williams.

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Allison Tussey

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