Maryland AG Charges Mortgage Broker With Felony Theft; Accused Of $100K+ Ripoff Of Proceeds From Client's Home Refinance

According to the Office of the U.S. Attorney in Maryland, the Maryland Mortgage Fraud Task Force members recently highlighted their progress in a press conference, including the filing of criminal, civil, and regulatory actions against more than 250 individuals and companies in 2009, including this recently filed case:

• On December 8, 2009, the Maryland Attorney General’s Office charged David Young Park, age 43, the former President of Capital City Financial Group in Ellicott City, with theft in Baltimore County Circuit Court. In June of 2007, Park was allegedly working as a mortgage broker and assisted the victim with the refinance of her home. The victim intended to use the more than $100,000 in equity to purchase a commercial condo for her business. Following settlement, Park allegedly obtained the victim’s proceeds from the title company without the victim’s knowledge, deposited them into his escrow account and spent the money on various personal and business expenses over the course of two weeks.

Source: Maryland Mortgage Fraud Task Force Announces Progress And Plans (State of Maryland v. David Young Park). EscrowRipOffKappa