NYC-Area Title Insurance Agency Operator Gets 20 Months For Misappropriating Million$ In Client Cash From Escrow Accounts In Real Estate Transactions

From the Office of the U.S. Attorney (New York City):

• PREET BHARARA, the United States Attorney for the Southern District of New York, announced that BRIAN H. MADDEN, the former president and co-founder of a title insurance agency, Liberty Title Agency, LLC [...], was sentenced [...] to 20 months in prison for misappropriating and embezzling escrow and other client funds from Liberty Title and two other insurance agencies he controlled and operated in New York and Suffolk counties.

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• Beginning around early 2008, MADDEN misappropriated millions of dollars of escrow and other client funds by transferring and commingling those funds among various bank accounts held by Skyline Title, GNY Liberty, and Liberty Title. MADDEN then used the misappropriated funds to sustain LibertyTitle's operations and to make significant withdrawals of monies for his personal use.

For the U.S. Attorney press release, see President Of Title Insurance Agency Sentenced In Manhattan Federal Court To 20 Months In Prison For Misappropriating Millions Of Dollars Worth Of Client Funds.