NJ Mortgage Title Broker Gets 10 Years For Stealing $5.3M

Law360, New York (January 10, 2014, 6:57 PM EST) -- A New Jersey title company owner who pled guilty in October to stealing $5.3 million dollars — money he was supposed to use to pay off mortgage loans linked to real estate closings handled through his agency — was sentenced to 10 years in prison Friday.

Louis Macaluso, the owner of Affinity Title Agency Inc., pled guilty in October 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...
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