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Settlement agent sentenced for misappropriating closing funds
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Virginia Beach title company owner sent to prison after giving $715,000 in escrow funds to man she met online
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Virginia Beach woman sentenced for misusing more than $715,000 from real estate company
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Hamrin misappropriated closing funds from the company’s escrow account by making seven unauthorized wire transfers to different parties at the request of a person Hamrin had an “online personal relationship” with, the release said.
The release said 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 is scheduled to be sentenced on July 26, the news release said. She faces a maximum penalty of 30 years in prison.
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Virginia Beach-based settlement agent pleads guilty to misappropriating closing funds
Published Tuesday, Mar. 16, 2021, 10:24 am
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Front Page » Local/State » Local2 » Virginia Beach-based settlement agent pleads guilty to misappropriating closing funds
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The former president of an escrow and title company pleaded guilty Monday to misappropriating $715,000 of closing funds in connection with 48 real estate transactions for which she served as the settlement agent.
According to court documents, Tammy Hamrin, formerly known as Tammy A. Cheek, 57, of Virginia Beach, was a licensed title and settlement agent and was the president, secretary, and treasurer of Preferred Escrow and Title Inc.