A title company owner in Baltimore has been sentenced to serve four years in jail for scamming lenders and homeowners of more than $2.2 million.
According to Daniel Fink Jr.'s plea agreement, lenders deposited funds in Homemaxx Title & Escrow's escrow accounts between February 2003 and July 2004.
As part of the scheme, Fink concealed facts that negatively affected the buyers' title in the real estate transactions. The defendant also made misrepresentations to lenders in connection with transactions in which he was supposedly buying or selling the property and handling the settlement on behalf of Homemaxx.
In addition, despite representations to lenders that escrow funds were properly distributed after the settlement, Homemaxx failed to pay outstanding first mortgages on real estate transactions or to properly record deeds. The defendant also improperly transferred substantial amounts of money from a Homemaxx escrow account into other accounts. He then used the money for personal expenditures unrelated to the intended real estate transactions.
The sentencing requires the defendant to forfeit $2.2 million and to pay restitution in the full amount of the victims' losses.
