Former Manager of Local Title Company Pleads Guilty to Federal Fraud Charges
|U.S. Attorney’s Office August 21, 2013|
ST. LOUIS, MO—Elizabeth Glosemeyer, St. Louis County, pled guilty to raiding the company’s escrow account to fund operations during the time she was the manager of Lenders Guarantee Title Company of St. Louis.
According to court documents, the escrow account consisted of clients’ money and was to be used only for clients’ real estate transactions. Glosemeyer doctored financial records to cover up her raiding of the escrow account from Lenders’ underwriters. In the summer of 2012, an audit uncovered Glosemeyer’s scheme, and Lenders went out of business soon thereafter. Due to the deficit in the escrow account Glosemeyer created, at least one transaction in excess of $200,000 had to be closed with the underwriters’ funds. She appeared before United States District Judge Rodney W. Sippel. Sentencing has been set for November 15, 2013.
Each count of wire fraud carries a maximum term of imprisonment of 20 years, a $250,000 fine, or both. Restitution is also mandatory. In determining the actual sentences, a judge is required to consider the U.S. Sentencing Guidelines, which provide recommended sentencing ranges.
This case was investigated by the U.S. Postal Inspection Service and the Federal Bureau of Investigation. Assistant United States Attorney Tom Albus is handling the case for the U.S. Attorney’s Office.