NORFOLK, Va. (AP) — The former president of a Virginia escrow and title company has pleaded guilty to misappropriating $715,000 in closing funds connected to transactions for which she was the settlement agent.
The U.S. Attorney’s Office in Norfolk says 57-year-old Tammy Hamrin pleaded guilty on Monday to wire fraud. Court documents say Hamrin misappropriated closing funds from the company’s escrow account by making seven unauthorized wire transfers to different parties.
The release says Hamrin put approximately $199,000 of her own money back into the the escrow account, leaving it with a shortage of $516,000. The shortage left 48 real estate closings with insufficient funds. Hamrin faces a maximum penalty of 30 years in prison.
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