The owner of a Pennsylvania title company is facing 20 years in prison after being charged for his role in a scheme that defrauded borrowers and title insurance companies out of nearly $3 million, the U.S. Attorney’s Office for the Eastern District of Pennsylvania announced recently.
According to the U.S. Attorney’s Office, Alfred Drechsel is the owner of Lenders Edge Settlement Services and Integrity Assurance, both of which are located in Feasterville, Pennsylvania.
According to documentation provided in support of Dreschel’s charges, Lenders Edge and Integrity Assurance operated as agents for Fidelity National Title Group, First American Title Insurance Company, and WFG National Title Insurance Company.
Drechsel stands charged with one count of wire fraud for allegedly redirecting loan settlement funds into various Lenders Edge and Integrity Assurance bank accounts.
According to the U.S. Attorney’s Office, Dreschel allegedly used the diverted loan money to pay off other unrelated mortgages, to pay other business expenses, and for personal expenditures.
Per a release from the U.S. Attorney’s Office, the total amount of mortgages that the Dreschel allegedly failed to pay off as required by the settlement statements was approximately $2,919,186.61.
If convicted, Dreschel faces a statutory maximum sentence of 20 years in prison, restitution, a period of supervised release, a $100 special assessment, and a possible fine.
