Lakewood title insurance companies lose business over ties to mortgage fraud conspiracy
Two title insurance companies with ties to
The two companies,
In a memo obtained by The Real Deal, a trade publication,
Madison, headquartered in
Fraud claims: Ponzi schemer Eliyahu 'Eli' Weinstein indicted in swindle involving war-torn
The two companies were thrust into the spotlight in December, when Boruch “Barry” Drillman, a
See a copy of the complaint against Drillman at the end of this story.
A federal lawsuit said Drillman conspired with others from 2018 to 2020 to purchase two properties in what authorities called a "flip" transaction in which buyers obtain loans for more than the properties are worth.
In one instance, Drillman and his partners in 2019 used a stolen identity to purchase a multifamily property called
Madison Title performed two closings for the Willliamsburg, the complaint said, one for the seller with a contract price of
Doing time: Former
A spokesperson for
In another instance, Drillman and his partners in 2020 bought
To justify that price, Drillman and his co-conspirators presented the lender and an appraiser a fraudulent letter of intent from another party seeking to purchase the property for
Financial fraud claims:
Riverside Abstract performed two closings for the technology park, one for the seller with the actual sales price of
A person who answered the phone at
Drillman pleaded guilty to one count to commit wire fraud affecting a financial institution. He is scheduled to be sentenced on
This article originally appeared on
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