David Saks: Former Manager of Title Company Indicted on Federal Fraud Charges

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

Former Manager of Title Company Indicted on Federal Fraud Charges

Former Manager of Local Title Company Indicted on Federal Fraud Charges

U.S. Attorney’s Office June 28, 2013
  • Eastern District of Missouri
 

ST. LOUIS, MO—Elizabeth Glosemeyer, of St. Louis County, was indicted on two counts of wire fraud.

According to the indictment, while the manager of Lenders Guarantee Title Company of St. Louis, 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.

As is always the case, charges set forth in an indictment are merely accusations and do not constitute proof of guilt. Every defendant is presumed to be innocent unless and until proven guilty.

source: FBI



David Saks



Time&Temp Memphis

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Comment balloon 6 commentsDavid Saks • July 01 2013 11:00AM

Comments

Ironic that the Robo signing manager from LPS that highered numerous temps to sign and forge documents in the meltdown got 5 years, 15K in fines and 2 years probation...... Our Government at work!

All the best in the second half of 2013!

Posted by P.J. Virgilio Jr., Realtor 408-568-6578 Selling homes in the Greater San Jose area and South through San Martin, Gilroy, San Juan Bautista and Hollister as well! (Keller Williams Realty Silicon Valley) over 6 years ago

Thank you for your note, Patrick.  Have a fine 4th of July holiday.

Posted by David Saks ((retired)) over 6 years ago

David

There is never a wrong time to do the right thing!

Posted by David Harper, Homes For Rent (Florida Management and Consulting Group Inc.) over 6 years ago

Boy I don't think the feds mess around. Doctored financial records a mini Maddoff. I wonder if Elizabeth was greedy, had a gambling or durg problem or was just plain stupid David?

Posted by Noah Seidenberg, Chicagoland and Suburbs (800) 858-7917 (Coldwell Banker) over 6 years ago

Agreed, David.

Posted by David Saks ((retired)) over 6 years ago

Seems as though, more and more these days, that the FBI has to, sadly, deal with criminals that do more damage with a fraudulent contract than with a gun, Noah.

Posted by David Saks ((retired)) over 6 years ago

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