Thursday, June 9, 2011

2 North Carolina Men Sentenced For Embezzling $2.4 Million From Real Estate Services Firm's Escrow Account

Jerry Holmes, 64, of Matthews, North Carolina and R. Scott Pace, 38, of Charlotte, North Carolina, were each sentenced to 33 months in prison for embezzling $2.4 million from Settlement Source LLC, a real estate services firm they co-owned.  According to authorities, over a period of almost three years, from November 2005 until July 2008, Holmes & Pace siphoned the funds from the firm's escrow account.  They reportedly spent the monies on real estate, personal loans, entertainment and other personal expenses.  Holmes & Pace, who pleaded guilty in May 2010, were also ordered to each pay $1.9 million in restitution.

Read the story here and here.

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