A Philadelphia title company owner has been charged with bilking over $1 million from unsuspecting clients in an elaborate escrow scheme.
Anthony R. Angelo, 69, was charged with wire fraud and bank fraud in connection with the alleged scheme, which took place at Aracor Search & Abstract Services, Inc., a title company he owned in Philadelphia.
According to the indictment, Angelo used funds from dedicated escrow accounts to pay off other escrow obligations and operating costs, causing a significant loss to the victims.
The scheme was allegedly perpetrated to keep his struggling title company afloat, despite being in debt. The loss to the victims is estimated to be over $1 million.
If convicted, Angelo faces a maximum possible sentence of 70 years in prison, a $1.5 million fine, a five-year period of supervised release, and a $300 special assessment.
The case is being investigated by the Federal Bureau of Investigation and is being prosecuted by Assistant United States Attorney Daniel A. Vélez.
An Information is an accusation, and Angelo is presumed innocent until proven guilty. The case serves as a cautionary tale for the public to be vigilant and thoroughly research any businesses or individuals handling their sensitive financial information.
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Key Facts
- State: Pennsylvania
- Category: White Collar Crime
- Source: DOJ Press Release â†â€â€
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