Capital Title Co.,, St. Louis, Missouri, was shut down and placed in receivership last week. According to court documents, the company has been bouncing checks for six months and has a $6.5M deficit. The St Louis Post Dispatch article states that one of two of Capital’s underwriters is investigating for ‘alleged diversion of escrow funds’ and that sources ‘close to the case’ have said that funds were stolen from the company. According to court receivership documents, over the past 18 months, Capital failed to pay Land Title $600,000 in premiums and did not turn over 1,600 policies.
Customers of Capital who have questions or concerns can call 1-800-392-1570.
