An Ellicott City title agent was sentenced Friday to two years in prison for stealing $684,000 from escrow accounts that were intended to pay off mortgage lenders, according to prosecutors.
After being released from prison Sandy P. Kim, 43, will face three years of supervised release, according to a statement from Maryland’s U.S. Attorney’s Office. Under the sentence handed down by U.S. District Judge Ellen L. Hollander, Kim will also have to forfeit the money she stole.
Beginning in 2006, Kim took money from escrow accounts maintained by her company, EK Settlements, according to her plea agreement. The escrow accounts contained real estate settlement funds that was supposed to be used to pay mortgage lenders.
Instead, Kim used money from the escrow accounts to pay personal bills, including taxes and her children’s private school tuition.
“She also used the stolen funds to pay prior loans she had failed to pay off, in order to forestall discovery of her theft,” the U.S. Attorney’s Office statement said.
In 2008, when a title insurance company Kim worked with began to suspect problems with her company and asked to audit her records, she handed over falsified documents, the statement said.
Kim later admitted the scheme to law enforcement, prosecutors said.
Have a real estate news tip or experience to share? Email me at email@example.com.Copyright © 2014, The Baltimore Sun