Husband and Wife Charged with Escrow and Bank Fraud

Allison Tussey —  March 7, 2014 — Leave a comment

Anthony E. Aguilar, and Brenda K. Wyatt, both of Norman, Oklahoma, were indicted on charges of conspiracy to commit bank fraud and making a false statement to a financial institution.

According to the indictment, Aguilar owned and operated Complicated LLC, a business in which he purchased and rented residential properties.  Wyatt founded a title company, Alliance Title Services, in 2001. Old Republic entered into a written contract designating Wyatt and Alliance Title Services as an agent of Old Republic authorized to issue title insurance policies in Oklahoma. The contract required Wyatt and Alliance Title Services to maintain an escrow account separate from its operating account, and to only disburse funds from the escrow account for the purposes for which the funds were entrusted to Wyatt and Alliance Title Services.

In March 2008, the defendants conspired to embezzle money from the escrow account by transferring money out of the escrow account into other accounts to pay for goods and services completely unrelated to Alliance Title Services. The defendants further conspired to cover up the deficiencies in the escrow account by using deposited funds from subsequent closings to satisfy payments to previous closings.  On several occasions, payoff checks drawn on the escrow account were returned for insufficient funds.  During the course of the conspiracy, Aguilar and Wyatt misappropriated approximately $1.3 million.

Also according to the indictment, the defendants made material misrepresentations to ABC Bank and provided false documents in order to qualify for 3 loans totaling approximately $1.63 million.

 

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Allison Tussey

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