Phoenix Title (St. Charles, Missouri) owner James Andrew Thurman was indicted on eight counts of wire fraud and one count of bank fraud charges in connection with a $3.9 million mortgage fraud scheme. Phoenix Title shut down in April. 2005.

The indictment alleges that, between March 2002 and January 2005, Thurman fraudulently transferred about $3.84 million from Phoenix Title's customers' escrow funds to either James Andrew Properties, Inc. (also owned by Thurman) or to his personal bank account. In January 2005, Thurman ordered his employees to delay disbursements of customers' escrow funds for 10 days in order to mask shortages in the funds. Fidelity National Title, the underwriter for Phoenix Title, learned of the delay and called to schedule an audit. According to the indictment, Thurman covered shortfalls with a $1.9 million from his parents. In March, Thurman began using Guarantee Title to underwrite its policies without disclosing the escrow shortfalls.