Mortgage Fraud Leads to Theft of $3.4 Million

On Tuesday, a Towson title agency officer was indicted for charges of mortgage fraud.  According to authorities, 45 year old Anthony Weis of Phoenix ran a scheme that led to him accumulating $3.4 million.

Weis was charged with 16 counts of fraud and if he is convicted he will face a maximum sentence of 30 years in prison.  He will also face a $1 million fine for each of the counts.

Police say that while Weis was the president of Maple Leaf Title, he convinced lender to wire funding for real estate closings.  In return, the company was supposed to use the funds to pay mortgage holders.  Instead of making payments, Weis transferred $3.4 million out of the Maple Leaf escrow account and used it for his own personal needs.

Property owners then received notices that they were late on their payments from the entities holding mortgages or liens on their properties.  However, the notices took several months before sellers were alerted.  During the time lag, police say that Wies was able to replenish the funds in the escrow account with new real estate settlements.

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