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Title Company Manager Pleads Guilty to $5 Million Scam

nationalmortgagenews.com | October 20, 2013

By Evan Nemeroff

A Maryland woman who lost her state license to issue title insurance policies pleaded guilty to committing wire fraud in connection with a scheme that resulted in losses of nearly $5 million.

According to Bonnie Kreamer’s plea agreement, her title insurance license was revoked in 2002 after she was convicted of theft for fraudulently endorsing checks at a title attorney’s office where she worked.

Despite her conviction, Kreamer worked at Title Services LLC, Colombia, Md., as a manager from 2007 until January 2010. Between June 2008 and January 2010, Kreamer and five co-conspirators arranged various real estate transactions so they could obtain profits for themselves from these deals.

Kreamer admitted that they used many false techniques to continue the conspiracy, including short sales in which the property was sold for a higher price than was represented to the lien holder and the seller; sales of properties not owned by the seller at the time of the settlement; real estate transactions in which there were multiple sales of the same property; transactions where the buyer’s financial status was misrepresented to lenders; and deals where the seller and/or buyer were shown different settlement statements and the conspirators used the difference between the figures in the statements to enrich themselves.

In addition, Kreamer said she personally facilitated deals between her co-conspirators, prepared false settlement statements, improperly disbursed funds contrary to the settlement and lender approved disbursements sheets, failed to pay off mortgage loans in accordance with the settlement documents, directed funds to entities created by herself and her co-conspirators, received proceeds of fraudulent transactions and improperly issued title insurance policies.

Kreamer revealed that the scheme involved at least 30 victims, including lenders, sellers, real estate buyers, a title insurance company and lien holders. Kreamer said she “abused” her position of trust at Sanford Title by conducting this scheme.

For conspiring to commit wire fraud, Kreamer faces a maximum penalty of 30 years in prison and a $1 million fine. She is scheduled to be sentenced in January.

The five co-conspirators—Niesha Williams, Rhonda Scott, Emeka Udeze, Demetrius Peete, and Gregory Green—previously pleaded guilty to their roles in this fraud scam and are also awaiting sentencing.

 

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