Dallas Title Company owner skips town with $30 million-allegedly

[Shawn Thom]

disclaimer:  I did not hear this first hand.  I heard this from some one who is in the hard money business and had a direct business relationship with the alleged person.  Do your own research.

Heard from some one today that a title company owner made of with millions of dollars of customer's money this month.  I don't want to name names on a public forum, but I've used this title company last year.  They are big in the investor arena locally. The story I got was that the scam targeted high dollar houses that were going through their title company.  Instead of paying off underlying loans this person kept the money and made the payments so no one got suspicious.  This only went on for a short period, but the raked in allegedly 30 million.  The person I heard this from had been contacted by the Feds already.  Apparently the alleged person skipped town last week with all their family members with approx. $30 million. 

Being the skeptical person that i am, I did some digging to validate his story.  I called their main number.  Its say "Thank you for calling XXX title company in receivership".

Their facebook page is gone.

The alleged person's facebook page is gone.

It looks like the story has story may have some truth to it.

If you've closed any high dollar homes in the last 3 months, you might want to dig a little bit to see if you may be affected.  I posted all I know :)

[Jay Hinrichs]

well I would say based on your calls etc this is probably true situation.   Their title insurance underwriters will be the big losers here