You think Florida real estate agents don’t have a hard enough time. Imagine working yourself to the bone to get deals together and then finding out your Title Agent has stolen the title money? That is what happened in Lakeland, Florida where Erica Daniels of the Independent Title Agency.
She was arrested March 14, 2008, after an investigation concluded she took $660,786 set aside from clients to pay for title services.
Daniels used some of the money to buy a BMW sedan, an in-ground swimming pool and a personal watercraft, according to an affidavit of Michael Hennessy, a detective with the Florida Department of Financial Services’ Fraud Division.
Jury selection was to begin Monday in Daniels’ case.
Instead, she pleaded no contest to money-laundering, grand theft and three counts of misappropriating escrow funds. via The Ledger
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She was more than just a Title Agent, she was the owner! Not very bright!
Anyone who handles large amounts of money should have to be transparent and accountable. The fact that he was able to steal so much without someone noticing earlier is a failure of the checks and balances in real estate.
-Tyler
I saw this same thing happen to several local title companies when the Ponzi scheme which was our real estate market came crashing down. I guess Bernie Madoff will have more company!