NJ Mortgage Title Broker Pleads Guilty To $5.3M Theft

Law360, New York (October 31, 2013, 8:59 PM ET) -- The owner of a New Jersey title company pled guilty Thursday to stealing $5.3 million dollars with which he was supposed to have paid off mortgage loans linked to real estate closings handled through his agency, according to the New Jersey attorney general.

Louis Macaluso, the owner of Affinity Title Agency Inc., pled guilty before Superior Court Judge Edward A Jerejian to a count of second-degree theft and second-degree misconduct by a corporate official. As part of a plea deal, the state will recommend a sentence...
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