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.
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