Friday, March 12, 2010

Maryland Title and Escrow Company, Inc owner David Wehrs Sr. age 54 Pleads guilty to fraud scheme!

An Annapolis Title Company Owner and Mortgage Broker plead guilty in March 2010  "in $2.3 Million Fraud Scheme "to Pay Personal and Business Expenses

According to a recent article by webnewswire published March 10, 2010 the following is a summary of the

BALTIMORE, MD—David Wehrs, Sr., age 54, of Annapolis, Maryland, owner of Maryland Title and Excrow Company, Inc. plead guilty to wire fraud in connection with a scheme to defraud investors and financial institutions of more than $2.3 million.

The charge was announced by United States Attorney for the District of Maryland Rod J. Rosenstein and Special Agent in Charge Richard A. McFeely of the Federal Bureau of Investigation.

According to his plea agreement, Wehrs owned Maryland Title and Escrow Company, Inc.,  Wehrs induced individuals to invest money through Maryland Title into a purported FDIC-insured money market fund that Wehrs “guaranteed” would pay monthly interest payments of 10.85%. Instead of depositing the money into an “American Funds Fixed Rate Money Market” as promised, Wehrs deposited investor funds into one of two bank accounts he controlled in the name of his title company. United States Attorney Rod J. Rosenstein commended Assistant United States Attorney Tonya Kelly Kowitz, who is prosecuting the case
Source: FBI
For more information and the entire story visit: for the full article.

This is one reason why mortgage customers, brokers, banks and parties to title insurance transactions should take time to investigate and consider reasonable due dilligence when selecting a Maryland Title Insurance Company for services.  This is one case for justifying both and owners and lenders title insurance.

1 comment:

  1. With the current wave of short sales and foreclosures there are even more reasons then ever to ensure that both lenders and buyers are purchasing title insurance. The syllogism that if all lenders require the purchase of a lender's title insurance policy to protect their interests in the property as lien-holders, then a buyer should follow the lender's lead and protect their interests with an owner's policy, has never been more true. Most buyers do purchase their own policy, but for those out there who are on the fence and unsure, ask yourselves why you would bet against the collective wisdom of hundreds or thousands of corporate financial lending experts? The answer is: buy owner's title insurance and protect your investment just as the lenders do.


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