Tuesday, February 15, 2011

Title company misused escrow funds, state says
First, Crofton-based Beltway Title and Abstract Inc. has had its licensed suspended by the state after auditors discovered that more than $1 million in escrowed funds intended for real estate transaction costs had been misappropriated, the Maryland Insurance Administration said Wednesday. The money, pulled out over a period of seven months, was spent on business expenses, the state said.

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