David Saks: September 2012

David Saks - Real Estate Broker - The Real Estate Mart of Tennessee, Inc. - 4040 North Watkins-Suite #4 - Memphis, Tennessee 38127 - Phone (901) 357-4663

TITLE COMPANY CO-OWNER / SWINDLER GUILTY OF FRAUD

Title Company Owner Pleads Guilty in $1.5 Million Fraud Scheme

U.S. Attorney’s Office September 12, 2012
  • District of Maryland (410) 209-4800
 

BALTIMORE—Harriet M. Taylor, age 56, of Ellicott City, Maryland, pleaded guilty today to wire fraud in connection with a scheme to use over $1.5 million in mortgage closing funds for her personal use or to operate her title companies.

The guilty plea was announced by United States Attorney for the District of Maryland Rod J. Rosenstein; Acting Special Agent in Charge Timothy P. Groh of the Federal Bureau of Investigation; and Inspector General Steve A. Linick of the Federal Housing Finance Agency.

According to her plea agreement, Taylor co-owned and managed two title insurance companies, Regal Title Company, LLC and Loyalty Title Company, LLC, located in Columbia, Maryland.

Taylor entered into an agreement with a national title insurance underwriter to establish escrow accounts for Regal and Loyalty, separate from company operating accounts, for the purpose of holding and disbursing funds received from lenders for real estate closings.

Beginning in 2009, however, Taylor caused mortgage lenders to wire their funds entrusted for real estate settlements to Regal’s operating account, rather than to the escrow accounts. Taylor also caused funds in Regal’s and Loyalty’s escrow accounts to be transferred back and forth between their respective operating accounts. By using commingled funds throughout 2009, Taylor kept her two businesses afloat while enriching herself with both company and escrow funds. From January through December 2009, Taylor paid herself $477,877.50 from three company operating accounts.

As shortfalls in the escrow accounts increased, Taylor failed to remit insurance premiums to the title insurance underwriter, Old Republic National Title Insurance Company (Old Republic), pay recording fees for deeds and pay off prior liens, including four of which belonged to the government sponsored entities, Fannie Mae and Freddie Mac.

Old Republic learned of the misuse of settlement funds from a 2009 audit of Regal and an early January 2010 audit of Loyalty. Old Republic terminated its agency relationship with the two companies, but was obligated to satisfy the prior liens against the properties affected by the misuse of settlement funds and to complete other transactions Regal and Loyalty failed to perform. Accordingly, in January 2010, Old Republic incurred a total loss of $1,518,532 which resulted from paying off prior liens, paying recording fees, and for insurance premiums collected by Regal and Loyalty but not forwarded to Old Republic.

Taylor faces a maximum sentence of 30 years in prison and a fine of $1 million. U.S. District Judge William D. Quarles, Jr. scheduled her sentencing for January 17, 2012, at 9:30 a.m.

The Maryland Mortgage Fraud Task Force was established to unify the agencies that regulate and investigate mortgage fraud and promote the early detection, identification, prevention, and prosecution of mortgage fraud schemes. This case, as well as other cases brought by members of the task force, demonstrates the commitment of law enforcement agencies to protect consumers from fraud and promote the integrity of the credit markets. Information about mortgage fraud prosecutions is available www.justice.gov/usao/md/Mortgage-Fraud/index.html.

Today’s announcement is part of efforts underway by President Obama’s Financial Fraud Enforcement Task Force (FFETF) which was created in November 2009 to wage an aggressive, coordinated and proactive effort to investigate and prosecute financial crimes. With more than 20 federal agencies, 94 U.S. attorneys’ offices, and state and local partners, it’s the broadest coalition of law enforcement, investigatory and regulatory agencies ever assembled to combat fraud. Since its formation, the task force has made great strides in facilitating increased investigation and prosecution of financial crimes; enhancing coordination and cooperation among federal, state, and local authorities; addressing discrimination in the lending and financial markets; and conducting outreach to the public, victims, financial institutions, and other organizations. Over the past three fiscal years, the Justice Department has filed more than 10,000 financial fraud cases against nearly 15,000 defendants including more than 2,700 mortgage fraud defendants. For more information on the task force, visit www.stopfraud.gov.

United States Attorney Rod J. Rosenstein praised the FBI and the Federal Housing Finance Agency-Office of Inspector General for their work in the investigation. Mr. Rosenstein thanked Assistant U.S. Attorney Jefferson M. Gray and Special Assistant United States Attorney Stephen Learned, assigned from the Federal Housing Finance Agency’s Office of Inspector General, who are prosecuting the case.

source: FBI



David Saks



Time&Temp Memphis

Legal Disclaimer
Please be advised that:

 The information and notices contained in this blog are intended to summarize recent developments and news. The posts are presented as general research and information. These posts are not intended, nor should be regarded, as legal advice. Some blog posts concern allegations made in civil lawsuits and in criminal indictments in United States Courts. All persons are presumed innocent until convicted of a crime and proven guilty. Readers who have particular questions or who believe that they need legal counsel should seek the advice of a qualified attorney. It is neither the editor's or author's intention to create a confidential relationship or any broker-client relationship via communication from this site at any time. Please consult with your state real estate board if questions & answers in the education section conflict with the laws of your region or if you need clarification regarding their applicability or how they may govern the services that you provide.

By entering this web site, you understand the following:
When you select a link to an outside Web site, you are subject to the privacy, copyright, security, and information quality policies of that Web site. David Saks:
1.DOES NOT control or guarantee the accuracy, legality, relevance, timeliness, or completeness of information contained on a linked Web site;
2.DOES NOT endorse linked Web sites, the views they express, or the products/services they offer unless linked web sites, the views they express, or the products/services they offer endorse or support David Saks in accordance with the standards of the Tennessee Real Estate Commission and the Federal Government's laws regarding commerce and the application, solicitation and transmission of internet-related concerns, commerce or social networking;
3.CANNOT authorize the use of copyrighted materials contained in linked Web sites;
4.IS NOT responsible for transmissions users receive from linked Web sites;
5. That DavidSaks.Com is biographical & real estate related. Some links within will leave this site.
6. http://activerain.com/profile/davidsaks is internet-compliant & abides by the rules & regulations of the Tennessee Real Estate Commission, Eve Maxwell, Executive Director.
7. Unless indicated otherwise, ActiveRain does offer listings, or IDX and is provided for licensed salespersons, brokers, buyers & sellers of real property as a community & professional service.
8. David Saks is a retired / licensed real estate broker in the State of Tennessee, license #290452, and an independent contractor.
9. Information is believed to be accurate, but not guaranteed, at any realty link or document connected to the World Wide Web & viewable by anyone connected to the internet who has a web browser.
10. Brokers, buyers, sellers, agents & anyone should independently verify any information prior to submitting any offer to purchase goods & services from any link.
11. Please Visit The American Real Estate Alliance or Memphis.8k.Com for additional information regarding property issues for real estate professionals and consumers.

 

Photos © & Licensed by Nova Development

All Content Protected © 
Before you even think about
committing a real estate crime
click this red button.
Real Estate Crimes

© All Rights Reserved.

 

 

 

 

"Information generated by the Department of Justice is in the public domain and may be reproduced, published or otherwise used without the Department’s permission. Citation to the Department of Justice as the source of the information is appreciated, as appropriate."

Department of Justice Legal Policies


 

  Real Estate Crimes

 

Click "HERE" For Today's Question

 

 

TheListen Now!

David Saks Show

Saturday Nite

9pm-12am Central

University of Memphis

WUMR

 

Support
America's Hobby

Click Elvis

Mr.Saks' participation in ActiveRain ended April 13, 2015.

His blog archives will remain online.

May God bless you.

Comment balloon 0 commentsDavid Saks • September 12 2012 04:25PM
TITLE COMPANY CO-OWNER / SWINDLER GUILTY OF FRAUD
share
Title Company Owner Pleads Guilty in $1. 5 Million Fraud Scheme U. S. Attorney’s Office September 12, 2012 District of Maryland (410) 209-4800 .. more
HUSBAND & WIFE REAL ESTATE SWINDLERS WILL GO TO JAIL FOR PONZI…
share
Will County Couple Sentenced to Federal Prison Terms for Investment Fraud Scheme That Swindled 40 Victims of $1 Million U. S. Attorney’s Office September 12, 2012 Northern District of… more
TWO MORE REAL ESTATE SWINDLERS CONVICTED OF FRAUD
share
Two More Convicted of Mortgage Fraud U. S. Attorney’s Office September 07, 2012 Northern District of Florida (850) 942-8430 … more
HANG UP ON RE MARKETING (971) 205 -7472 - Use The Do Not Call Registry
share
(971) 205-7472 If you see the above number on your caller ID hang up. These obnoxious sweat room operators don't identify themselves if you don't immediately reveal, when they demand to know, if you're the person they're calling, harrass… more
Real Estate Practice : Lesson 1830
share
#1830 When a safety clause is added to a contract for the listing of a property it basically creates a measure of safety for the broker which effectively entitles the broker to a… more
Real Estate Practice : Lesson 1829
share
#1829 For a lease to be considered a binding contract it always has to be signed by the tenant. Is this considered to be true or false Remember to take your time… more
Real Estate Practice : Lesson 1828
share
#1828 If a tenant farmer decides to build a hen house and a building for his tractor, who do these buildings belong to Take you time. The solution is posted below the wildlife… more
Real Estate Practice : Lesson 1827
share
#1827 If the buildings were blown to smithereens, vaporized, bombed, imploded or torn to pieces and the land is still there, what example has been established by recognizing that… more
Real Estate Practice : Lesson 1826
share
#1826 If a landownber has posted a "no trespassing" or "no hunting" sign on his or her property, what stick in the bundle of legal rights is this person… more
Real Estate Practice : Lesson 1825
share
#1825 When we consider the methods of annexation adaptation and the type of agreement, these are considered the legal tests for determining whether or not an item is land or real… more