The owner of a Des Peres title company pleaded guilty in U.S. District Court in St. Louis Friday to a single felony count of wire fraud and admitted using $250,000 in an escrow account for his own business and personal use.
Stephen G. Davis, 45, owned Title Professionals LLC, known as Title Pros, as well as Southwest Title LLC and Professional Disbursing. Professional Disbursing was a company that temporarily held, then distributed money to contractors working on the construction of residential properties in the area.
The $250,000 came from the account of someone building a $17 million house in St. Charles. When the homeowner requested the money back, Davis took $250,000 from other money in Title Pros escrow account, which contributed to the collapse of the company and forced the underwriter to repay the money.
Under federal sentencing guidelines, Davis faces 21 to 27 months in prison when sentenced May 28. He could get a break for cooperating with investigators, however.
Davis’ lawyer, Burt Shostak, declined to comment after Friday’s hearing.
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