Co-founder of defunct Chicago escrow company indicted on federal fraud charges
|By Alejandra Cancino, Chicago Tribune|
|McClatchy-Tribune Information Services|
Lurie's company, American Escrow, which had offices on West Randolph and North May streets, went out of business in 2009. The company didn't issue refunds and left some of its customers with delinquent tax and insurance bills.
"This is a very stale investigation and a wrong-headed indictment. This is not a criminal case," said
The indictment alleges Lurie used some of the money it collected from customers to cover personal expenses, such as car payments and the costs of renovating a condominium in
American Escrow, which operated at a "significant deficit," survived by juggling new escrow funds to pay off tax and insurance payments due at different times throughout the year, according to the indictment.
Lurie, 40, is due in court on
Earlier this month,
Cruz, who oversaw the payment of customers' property taxes and private mortgage insurance, wrote 122 company checks to herself between
Cruz, 38, is now living in
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