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Escrow Agent Sentenced for Investment Scheme

  

mortgagefraudblog.com | December 5, 2014 

Stephen J. Cormier, 42, Nokomis, Florida, the sole owner of a title insurance company, was sentenced by Senior U.S. District Judge Susan C. Bucklew to three years and five months in federal prison for his role in a conspiracy to commit wire fraud. As part of his sentence, the Court also entered a money judgment in the amount of $4.7 million, the proceeds of the fraudulent scheme.

The defendant pleaded guilty on March 5, 2013.

According to court documents, Cormier was the sole owner of a title insurance company, A Clear Title and Escrow Exchange (ACTEE), Venice, Florida. Part of the business of ACTEE was to write title insurance policies and hold escrow monies in connection with real estate and business transactions.

In his capacity as a licensed escrow agent, Cormier received funds from various individuals that were the proceeds of fraudulent activity, including investments that had been made by numerous investor-victims related to “synthetic” financial transactions. These transactions generally involved promises of high rates of return within a short time period, and have been publicly labelled as fraudulent by the Securities and Exchange Commission and other financial authorities. Cormier also disbursed those funds at the request and direction of other co-conspirators.

As an escrow agent, he made false representations to the victims as to the status and amount of their deposited funds. The total amount of investor funds Cormier handled was approximately $4.7 million.

This case was investigated by the Federal Bureau of Investigation with assistance from the Sarasota County Sherriff’s Office. It was prosecuted by Assistant United States Attorneys Jay L. Hoffer and Cherie Krigsman.

 

Back to December 2014 Archive

CFLA was founded by the Nation's Leading Foreclosure Defense Attorneys back in 2007 to serve the Foreclosure Defense Industry and fight pervasive Bank Fraud. Since opening our virtual doors, CFLA has rapidly expanded to become the premier online legal destination for small businesses and consumers. But as the company continues to grow, we're careful to hold true to our original vision. For us, putting the law within reach of millions of people is more than just a novel idea—it's the founding principle, just ask Andrew P. Lehman, J.D.. With convenient locations in Houston and Los Angeles, you can contact Our National Account Specialist and General Manager / Member Damion W. Emholtz at 888-758-2352 for a free Mortgage Fraud Analysis or to obtain samples of work product, including cutting edge Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and for more information about our Nationally Accredited and U.S. Department of Education Approved "Mortgage Securitization Analyst Training Certification" Classes (3 days) 24 hours for approved CLE & MCLE Credit (Now Available Online).

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