One of his title companies was here in Colorado - Real Estate Scam of the Day: Title Company Owner Steals Millions Intended to Pay Off Prior Mortgages Carole VanSickle | November 11, 2013 | When you give a title company funds, you generally assume that you can trust the owner of that company to pay off your mortgage loan or otherwise transfer those monies to the entities that are owed. Unfortunately, if you made that assumption about Louis Macaluso and his company, Affinity Title Agency Inc., you made a grave mistake. Macaluso recently pled guilty to stealing $5.3 million entrusted to him to pay off mortgage loans associated with real estate closings handled by his company[1]. He faces 10 years in prison for each charge of theft and misconduct as well as $10,000 in fines in addition to restitution. Macaluso has already made an initial payment of $700,000 to show his intent to make full restitution. Macaluso took funds for 34 outstanding mortgage loans from July 2010 to September 2012 and diverted the money for his own use and the use of his company, he admitted. Although the property owners were covered by title insurance, which ultimately paid off the mortgages, all three title companies lost money and filed lawsuits. Macaluso surrendered his New Jersey insurance license following an investigation, and had already surrendered similar licenses in Ohio and Colorado. His company is no longer in business[2].
Posted on: Tue, 12 Nov 2013 21:00:44 +0000
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