Fugitive Title Company Owner Arrested

admin —  February 18, 2010 — Leave a comment

Daniel E. Fink Jr., 43, Baltimore, Maryland, who owned and operated Homemaxx Title & Escrow LLC (Homemaxx), a title company that conducted residential real estate closings with offices in Middle River and Parkville, Maryland, was arrested in Palm Beach, Florida and had his initial appearance in federal court in Florida.

Fink had been a fugitive since March 26, 2009, when a federal grand jury in Baltimore, Maryland, returned an indictment charging him with wire fraud and money laundering in connection with a scheme to defraud lenders and homeowners of over $500,000.

As previously reported on Mortgage Fraud Blog, according to the five count superseding indictment, from February 2003 to July 2004, Fink caused Homemaxx to fail to pay outstanding first mortgages on real estate transactions or to record deeds in the real estate records of local and state governments. Fink allegedly transferred substantial amounts of money from a Homemaxx escrow account into other Homemaxx accounts, as well as to accounts not associated with Homemaxx, and used the money intended to be disbursed pursuant to real estate closing documents for personal expenditures unrelated to real estate transactions. In connection with a particular real estate refinancing transaction by one of his customers, Fink allegedly diverted funds from the escrow account and then used the proceeds to purchase a new 2004 CLK Mercedes.

As a result of this scheme, Fink is alleged to have defrauded lenders and homeowners of more than $500,000, and to have used $93,228 of the criminal proceeds for money laundering. The indictment seeks the forfeiture of $593,228.

Fink faces a maximum sentence of 20 years in prison and a $250,000 fine for each of the three counts of wire fraud; and 10 years in prison and a $1 million fine for each of two counts of money laundering.

An indictment is not a finding of guilt. An individual charged by indictment is presumed innocent unless and until proven guilty at some later criminal proceedings.

The arrest was announced by United States Attorney for the District of Maryland Rod J. Rosenstein and Special Agent in Charge Richard A. McFeely of the Federal Bureau of Investigation.

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