Christopher Wayne White, 43, Fort Lauderdale, Florida, has been charged with three counts of wire fraud for his alleged role in receiving almost $600,000 from three clients, but then refusing to return the escrow deposits. If convicted, White faces a maximum penalty of twenty years in prison, five years supervised release and a fine of up to $250,000 for each count. Continue Reading…
Archives For Escrow Fraud
Steve Weinstock, Roslyn Heights, New York, an attorney, has been arrested for allegedly stealing $720,000 held in an escrow account, as well as selling an East Hills, New York, property owned in the name of his law firm and pocketing over $700,000 in proceeds.
Patrick J. Belzner, a/k/a Patrick McCloskey, 45, Selbyville, Delaware, was sentenced by U.S. District Judge J. Frederick Motz to 15 years in prison followed, by three years of supervised release, on charges of wire fraud conspiracy, wire fraud and tax evasion for his role in a scheme to rip off investors by promising to secure large loans in exchange for substantial sums deposited in an escrow bank account.
Thomas Richard Jager, 66, Bettendorf, Iowa, was sentenced by United States Chief District Court Judge James E. Gritzner to 97 months imprisonment, after pleading guilty to four counts of wire fraud for failing to forward monthly remittance payments to investors, providing false reports, failing to distribute lump sum payoffs of mortgages to investors, and transferring money held in escrow to his personal bank account..
Jacqueline Polverari, 47, Branford, Connecticut, was sentenced by U.S. District Judge Janet Bond Arterton in New Haven to 12 months and one day of imprisonment, followed by three years of supervised release, for arranging a series of fraudulent mortgage loan refinancing transactions.
Karen Strasser Steinke, 65, Millstadt, Illinois, was sentenced to twenty-one months imprisonment followed by three years supervised release as a result of her convictions for Wire Fraud in a scheme to defraud clients of Metro East Title, and Structuring of Financial Transactions to Avoid Currency Transaction Reporting Requirements. Evidence showed that Steinke took the funds to support a gambling habit.
Mervyn A. Phelan, Sr., 74, Newport Beach, California, and Gregory E. Grantham, 56, Oceanside, California, pleaded guilty to conspiracy, wire fraud and obstruction of justice for their roles in a real estate fraud scheme whereby private money lenders and investors were persuaded to deposit funds into escrow accounts, which were later pillaged by the conspirators.
Donna Shirley Cobb, 53, Aledo, Texas, woman has been sentenced to federal prison for her role in a mortgage fraud scheme involving 28 properties located in the Eastern District of Texas.
Jay Fischer was found guilty by Marathon County, Wisconsin, Judge Gregory Huber of a million dollar mortgage fraud scheme wherein he failed to pay off prior mortgages, resulting in dual active mortgages on homes.
Harold L. Gruber, 60, an attorney, and his law firm, Harold L. Gruber, P.C., Brooklyn, New York, have entered into a settlement to resolve allegations of submitting at least nine fraudulent filings to the Attorney General’s Real Estate Finance Bureau and breaching his fiduciary duties as an escrow agent.