Real Estate & Property Law

Pennsylvania Title Agent Pleads Guilty in Defalcation

By Dave Wirsching & Francine D'Elia Wirsching

A Pennsylvania Attorney and Title Agent who had previously lost his notary now has pleaded guilty to improperly converting funds to his own use (Centre Daily Local News - State College and Centre County Centre Daily)

A State College lawyer is facing almost two years in prison when he is sentenced in the coming months after having pleaded guilty to stealing more than $300,000 entrusted to him for real estate closings.

William F. Donovan, 62, of 180 Legion Lane, pleaded guilty last week to converting $309,335 for his own use from two real estate transactions while working as a title agent for T.A. Title Insurance Co.,...

Instead of properly remitting these fees at real estate closings, Donovan converted $156,398.37 for his own use on Dec. 19, the lawyer admitted in court.

Five days later Donovan stole another $152,937 that came into his possession through his work as a title agent, court documents indicate.

In April, Donovan admitted to an FBI agent that he converted the funds for his own benefit, according to court documents.

But why was someone who had already been suspended for improper notarization still around as a Title Agent?

The plea is the latest of legal and professional problems for Donovan, who was suspended as a notary public in 2006 through most of 2007 after notarizing documents that were not properly signed and for which principals were not present, according to the secretary of the commonwealth

Full post as published by Clearing Title on August 08, 2008 (boomark / email).