Title Company Manager Indicted for Misappropriating Escrow Funds

Allison Tussey —  July 3, 2013 — Leave a comment

Elizabeth Glosemeyer, St. Louis County, Missouri, was indicted on two counts of wire fraud.

According to the indictment, while the manager of Lenders Guarantee Title Company, Glosemeyer raided the company’s escrow account to fund operations. The escrow account consisted of clients’ money and was to be used only for clients’ real estate transactions.

The indictment further alleges that Glosemeyer doctored financial records to cover up her raiding of the escrow account from Lenders’ underwriters. In the summer of 2012, an audit uncovered Glosemeyer’s scheme, and Lenders went out of business soon thereafter. Due to the deficit in the escrow account Glosemeyer created, at least one transaction in excess of $200,000 had to be closed with the underwriters’ funds.

Each count of wire fraud carries a maximum term of imprisonment of 20 years, a $250,000 fine, or both. Restitution to financially aggrieved parties is also mandatory. In determining the actual sentences, a judge is required to consider the U.S. Sentencing Guidelines, which provide recommended sentencing ranges.

This case was investigated by the U.S. Postal Inspection Service and the Federal Bureau of Investigation. Assistant United States Attorney Tom Albus is handling the case for the U.S. Attorney’s Office.

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