Foreclosure Rescue Operator Accused Of Misappropriating $25K+ From Escrow Account Set Up In Connection With Sale Leaseback Of Home

In Chisago County, Minnesota, the Isanti-Chisago County Star reports:

• An Anoka man was charged with felony theft by swindle for allegedly stealing $25,425 from an escrow account his business was handling while acting as a middleman. Chris Alan Caliguire, 39, was charged in Chisago County Court on Wednesday, Dec. 16.

***

• According to the complainant, in March 2006, a Shafer couple was experiencing financial difficulties, and their residence had gone into foreclosure and had been sold to another couple for $223,000.00. After the mortgage had been finalized on the property, the couples had an agreement to rent the property back to the original buyer. The original buyer, now renter, took the proceeds from the sale and their subsequent mortgage on the property and placed it into what they understood to be an escrow account with a business called Minnesota Home Mortgage, aka CAC Enterprises, Inc., based out of North Branch. CAC Enterprises was owned by Caliguire.

***

• An investigator received [...] subpoenaed bank records, along with [...] information provided by the owner and renter, and provided them to Jason Olson from Eide Bailly Forensic Accounting and Investigation Services. Olson conducted a forensic audit of the records and determined that from March 2006 through December 2007, Caliguire had misappropriated $25,425.73 from the escrow account without authorization. Caliguire had allegedly misappropriated the funds by paying expenses not related to the mortgage, by failing to deposit funds into the account, and transferring monies paid into a personal account that he used for personal expenses.

For the story, see Man in charge of escrow allegedly steals $25,425.