Karen Strasser Steinke, Embezzlement, Illinois 2023

A 65-year-old woman from Millstadt, Illinois, has been sentenced to prison for embezzling escrow funds from clients of her title insurance agency.

Karen Strasser Steinke, owner and operator of Metro East Title Company, was convicted of Wire Fraud and Structuring of Financial Transactions to Avoid Currency Transaction Reporting Requirements.

According to the United States Attorney for the Southern District of Illinois, Stephen R. Wigginton, Steinke embezzled funds from clients, including R. L. and M. L., who purchased real property in St. Clair County, Illinois, in July 2013. The defendants deposited $84,109.57 into Metro East's escrow account, but Steinke misused the fiduciary funds.

Steinke also embezzled funds from the City of Columbia, which deposited $407,960.04 into the escrow account in August 2013. The evidence suggested that Steinke used the funds to support a gambling habit and structured the deposit of cash into bank accounts to avoid detection.

Steinke was sentenced to 21 months in prison followed by three years of supervised release. The court also ordered her to pay restitution to the victims in full prior to the sentencing.

The prosecution was handled by Assistant U.S. Attorney Norman R. Smith, with the assistance of the Internal Revenue Service and the Columbia, IL police department.

Defendant: Karen Strasser Steinke

Criminal Charges: Wire Fraud, Structuring of Financial Transactions to Avoid Currency Transaction Reporting Requirements

City and State: Millstadt, Illinois

Date: No specific date mentioned

Sentence: 21 months imprisonment, followed by three years supervised release

Dollar Amounts: $76,864.98 (mortgage), $84,109.57 (purchase funds), $407,960.04 (City of Columbia deposit)

Source: https://www.justice.gov/usao-sdil/pr/owner-metro-east-title-company-sentenced-prison-embezzling-escrow-funds-clients-and