St. Louis Feds: Needing Quick Loot To Fund Outfit's Operations, Closing Agency Manager Illegally Dipped Into Clients' Cash Held In Real Estate Escrow Account, Then Doctored Financial Records In Effort To Dupe Insurer; One Sour Deal Left Title Insurance Underwriter Holding The Bag For $200K+

From the Office of the U.S. Attorney (St. Louis, Missouri):

• Elizabeth Glosemeyer of St. Louis County, was indicted on two counts of wire fraud.
  
  According to the indictment, while the manager of Lenders Guarantee Title Company of St. Louis, Glosemeyer raided the company’s escrow account to fund operations.
  
  The escrow account consisted of clients’ money and was to be used only for clients’ real estate transactions.
  
  The indictment further alleges that Glosemeyer doctored financial records to cover up her raiding of the escrow account from Lenders’ underwriters. In the summer of 2012, an audit uncovered Glosemeyer’s scheme and Lenders went out of business soon thereafter.
  
  Due to the deficit in the escrow account Glosemeyer created, at least one transaction in excess of $200,000 had to be closed with the underwriters’ funds.

For the U.S. Attorney press release, see Former Manager Of Local Title Company Indicted On Federal Fraud Charges.