Monday, August 24, 2009

New York Title Insurance Company Exec Charged With Embezzling $4.7 Million

Brian H. Madden, 55, of Greenlawn, New York, has been arrested and charged with embezzling some $4.7 million from three title insurance companies he controlled. According to prosecutors, Madden was the president and co-founder of Liberty Title Agency, LLC, one of the largest in New York State. He also owned Skyline Title, LLC, and GNY Liberty Abstract, LLC. Prosecutors allege that Madden co-mingled and misappropriated escrow funds to the tune of $4.7 million. He has been charged with one count each of wire fraud, money laundering, and insurance fraud.

Read the story here.

Read the DOJ announcement here.

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