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MORTGAGE LOAN THEFT
NJ man pleads guilty to stealing more than $5 million entrusted to pay off customer loans
Reported by: Associated Press
Reported: Thursday, October 31, 2013 2:08 PM EDT
Authorities say a northern New Jersey man has admitted to stealing more than $5 million entrusted to him to pay off multiple mortgage loans.
Prosecutors say the 47-year-old Westfield resident received the funds as a settlement agent through his New Jersey-based company, Affinity Title Agency, Inc.
New Jersey Title Insurance Co., Commonwealth Land Title Insurance Co. and Title Resource Guaranty Co., which lost money in the scheme, filed civil actions in federal court and Macaluso has been ordered to pay full restitution.
Macaluso has surrendered his insurance producer licenses in New Jersey, Colorado and Ohio.