Closing Agent Suspended For Stealing Funds

Allison Tussey —  April 1, 2009 — Leave a comment

Kuntee Singramdoo, Lakeville, Minnesota, a title agent and notary was summarily suspended by the Minnesota Department of Commerce.  The Commerce Department charged her with embezzling over $230,000 in real estate closing proceeds and using the money to pay off her own creditors or her family members’ creditors. Singramdoo was an independent closer hired by Walsh Title & Real Estate Services, Inc where she provided real estate closing services, sold title insurance policies and notarized real estate documents.

The Commerce Department complaint alleges that Singramdoo engaged in a pattern of misappropriating, converting and/or embezzling settlement proceeds by issuing Walsh Title checks for her own benefit or for the benefit of her family members. The alleged embezzlement includes at least 184 checks issued between February 2004 and June 2007 to 24 different creditors including $68,109 to US Bank, $48,863 to Wells Fargo, $800 to JC Penney, $4,764 to Macy’s, $6,286 to Goodman Jewelers, $800 to Bloomingdale’s, $6,866 to Honda, $2,734 to American Express and $2,323 to Discover.

Singramdoo admitted under questioning from Commerce Department investigators that she embezzled the funds but at this time has only paid back $10,000 to Walsh Title. Singramdoo accomplished the embezzlement by entering her own creditors on the HUD-1 mortgage loan form as if the debts belonged to the buyer or seller and subsequently issued checks directly to the creditors in her name.

She also changed HUD-1 mortgage loan documents after closings to reflect the fraudulent payments. “This brazen embezzlement scheme is a warning to everyone to pay close attention to the loan documents you are signing during the closing of a mortgage,” said Glenn Wilson, Commissioner of the Minnesota Department of Commerce.

The Department’s order for summary suspension of her licenses will be considered at a hearing in front of Administrative Law Judge Raymond R. Krause on April 13, 2009 at 9:30 am.

Be Sociable, Share!

Allison Tussey

Posts Google+

No Comments

Be the first to start the conversation.

Leave a Reply

Text formatting is available via select HTML.

<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>