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 Capitalâ€™s underwriters is investigating for â€˜alleged diversion of escrow fundsâ€™ and that sources â€˜close to the caseâ€™ 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.