Louis Macaluso, 47, Westfield, New Jersey, a title company owner, has pleaded guilty to criminal charges for stealing a total of $5.3 million entrusted to him as a settlement agent to pay off multiple mortgage loans in connection with real estate closings he handled.
Archives For Escrow Fraud
Nathan Levner, 54, Oceanside, New York, has been charged with stealing $10,000 from a couple he was representing in the purchase of a new home.
Yvonne DeBenedetto, 46, Bay Shore, New York, an attorney, has been sentenced to two to six years in prison after she pleaded guilty to stealing more than $573,000 from clients who hired her to represent them in real estate deals.
Michael Krause has been indicted on charges of wire fraud and conspiracy for his alleged role in misappropriating and failing to pay off a prior mortgage with the funds from a new loan.
Steve Kessedjian, 50, Los Angeles, California, pleaded guilty to mail fraud in connection with his scheme to defraud client escrow funds.
Kathleen Niew, 57, Burr Ridge, Illinois, an attorney who operated Niew Legal Partners LLC and whose law license was suspended in May 2013, was arrested on federal fraud charges for allegedly misappropriating approximately $2.34 million from a husband and wife who were her clients.
David Burrus, Jr., 40, Burns, Tennessee, was sentenced to 66 months in prison, followed by a five-year term of supervised release, for conspiring to commit wire and mail fraud. Burrus was also ordered to pay restitution of $241,779.26.
Rhonda Scott, 52, Oxon Hill, Maryland, pleaded guilty before U.S. District Judge James K. Bredar to conspiring to commit wire fraud in connection with two separate mortgage fraud schemes that resulted in losses of over $2,500,000.
Elizabeth Glosemeyer, St. Louis County, Missouri, was indicted on two counts of wire fraud.
Jon A. Divens, 57, California State Bar # 145549, is facing disbarment for his role in misappropriating about $400,000 in interest from two investment vehicles that he agreed to hold in escrow pending their sale.