When The Money Is Gone: The Legal Aftermath Of Wire Fraud
By Mariana Bravo and Katherine OndeckMay 19, 2017, 11:54 AM EDT
Law360, New York (May 19, 2017, 11:54 AM EDT) -- “The money is not there!” These are words no real estate seller, purchaser, agent, broker or title company ever wants to hear after a wire transfer. But as wire fraud schemes become more prevalent, these words are becoming a recurring nightmare throughout the real estate industry, and the legal aftermath of these schemes may implicate everyone involved in the transaction.
Picture this: Bob agrees to purchase a piece of real estate from Tom. XYZ Escrow is the escrow agent. Bob and Tom sign the contract, Bob...