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Escrow Agent in Florida Sentenced to Prison for Role in $4.7 Million Wire Fraud Scheme
Tampa, Florida – In a shocking turn of events, Senior U.S. District Judge Susan C. Bucklew has sentenced Stephen J. Cormier, a 42-year-old man from Nokomis, to three years and five months in federal prison for his role in a conspiracy to commit wire fraud.
According to court documents, Cormier was the sole owner of a title insurance company, A Clear Title and Escrow Exchange (ACTEE), located in Venice, Florida. Part of the business of ACTEE was to write title insurance policies and hold escrow monies in connection with real estate and business transactions.
In his capacity as a licensed escrow agent, Cormier received funds from various individuals that were the proceeds of fraudulent activity, including investments that had been made by numerous investor-victims related to "synthetic" financial transactions. These transactions generally involved promises of high rates of return within a short time period, and have been publicly labelled as fraudulent by the Securities and Exchange Commission and other financial authorities.
Cormier also disbursed those funds at the request and direction of other co-conspirators. As an escrow agent, he made false representations to the victims as to the status and amount of their deposited funds. The total amount of investor funds Cormier handled was approximately $4.7 million.
This case was investigated by the Federal Bureau of Investigation with assistance from the Sarasota County Sheriff’s Office. It was prosecuted by Assistant United States Attorneys Jay L. Hoffer and Cherie Krigsman.
Cormier pleaded guilty on March 5, 2013, and was sentenced by Judge Bucklew. The Court also entered a money judgment in the amount of $4.7 million, the proceeds of the fraudulent scheme.
The sentence is a stark reminder of the consequences of engaging in wire fraud and other financial crimes. As the investigation revealed, Cormier’s actions were not only illegal but also caused significant harm to numerous investor-victims.
Key Facts
- State: Florida
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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