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Maryland title agency operator indicted in $3.4 million fraud scheme

NationalMortgageProfessional.com
Jul 06, 2010

A federal grand jury has indicted Anthony V. Weis of Phoenix, Md. for wire and mail fraud in connection with a mortgage fraud scheme to defraud lenders of more than $3.4 million. The indictment was announced by United States Attorney for the District of Maryland Rod J. Rosenstein; Special Agent in Charge Richard A. McFeely of the Federal Bureau of Investigation (FBI); Special Agent in Charge Barbara Golden of the United States Secret Service-Baltimore Field Office; and Special Agent in Charge Rebecca Sparkman of the Internal Revenue Service-Criminal Investigation, Washington D.C. Field Office. The indictment seeks forfeiture of $3.4 million. According to the 16-count indictment, Weis was the president and a shareholder of Maple Leaf Title LLC, a real estate title agency located in Towson, Md. From June 2009-Oct. 17, 2009, Weis is alleged to have caused lenders to wire funding for real estate closings by fraudulently representing in settlement statements that Maple Leaf would pay off existing mortgage holders in accordance with the lenders’ disbursement instructions. Weis, however, allegedly failed to make pay offs to existing mortgage lenders and lien holders and wrongfully transferred approximately $3.4 million out of the Maple Leaf escrow account to use for his own personal benefit or the benefit of others. The indictment further alleges that the scheme was not uncovered until the property owners received late payment notices from the entity holding the mortgage or lien on the property. These delinquency notices often took several months before the seller was alerted. The time delay allowed Weis to replenish the escrow account with proceeds from new real estate settlements. Weis also allegedly maintained multiple escrow accounts to prevent discovery by auditors of improper disbursements of escrow funds. Weis faces a maximum sentence of 30 years in prison followed by five years of supervised release and a fine of $1 million on each of the 16 fraud counts. His initial appearance has not yet been scheduled. The Maryland Mortgage Fraud Task Force was established to unify the agencies that regulate and investigate mortgage fraud and promote the early detection, identification, prevention, and prosecution of mortgage fraud schemes. This case, as well as other cases brought by members of the Task Force, demonstrates the commitment of law enforcement agencies to protect consumers from fraud and promote the integrity of the credit markets.  For more information, visit www.justice.gov.  
Published
Jul 06, 2010
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