Virginia Beach

Virginia Beach settlement agent sentenced to 18 months for misappropriating $715K in closing funds – Virginia Beach, Virginia

Virginia Beach, Virginia 2021-07-27 20:17:47 –

Virginia Beach, Virginia (WAVY) — The former president of Virginia Beach’s escrow and title company was sentenced to 18 months in prison for misappropriating $ 715,000 in closure funds.

Prosecutors say the 58-year-old Virginia Beach resident Tammy Hamlin (formerly known as Tammy Cheek) acted as the settlement agent for the deal.

According to court documents, Hamlin was the president, secretary, and treasurer of Preferred Escrow and Title.

Hamlin pleaded guilty to wire fraud in March.

During 48 real estate transactions, Hamlin misappropriated $ 715,000 in closing funds deposited by various lenders and individual buyers in the company’s escrow account.

She did so by making seven unauthorized wire transfers from her escrow account to a particular entity at the request of someone with whom Hamlin had a personal relationship online, the prosecutor said. say.

According to court documents, Hamlin partially replenished the misappropriated funds by depositing approximately $ 199,000 of his money in an escrow account. Investigators say this has resulted in a remaining shortage of about $ 516,000.

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Virginia Beach settlement agent sentenced to 18 months for misappropriating $715K in closing funds Source link Virginia Beach settlement agent sentenced to 18 months for misappropriating $715K in closing funds

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