Escrow Holder Defrauded Clients, Sentenced
Christopher Jensen-Tanner has been sentenced to 46 months after stealing escrow funds from his clients. Photo by Brevard County Sheriff.
Jensen-Tanner misused more than $1.2 million from his clients’ trusts, prosecutors say. Judge Margaret Strickland handed down this punishment after a federal jury convicted Jensen-Tanner of wire fraud and “engaging in a monetary transaction in property derived from unlawful activity.”
Purchased Existing Company, Defrauded Clients
In 2013, Jensen-Tanner, 46, purchased Roswell Escrow Services, Inc, according to the press release. The company held money for people in pending real estate contracts. Instead of protecting that money in trust accounts, Jansen-Tanner funneled it back and forth between operating and trust accounts, eventually using significant portions of it to fund his lavish lifestyle.
In 2019, his fraud started to unravel when he couldn’t hide the shortfall. This led to a complaint from one of the victims, which caught the attention of the New Mexico Financial Institutions Division. They in turn began an investigation and revealed the full scale of the fraud.
That led to the transfer of over 700 accounts, once served by Jensen-Tanner, from Roswell Escrow Services to other companies, according to a local news outlet.
Prosecutors believe that there may be more victims of Jensen-Tanner that have not yet been identified. The U.S. Attorney’s Office for the District of New Mexico called any additional victims to contact the FBI tipline at 1-800-CALL-FBI (1-800-225-5324) or tips.fbi.gov.
What are escrow companies?
Escrow companies serve as middlemen in financial transactions, but they are mostly used in real estate to ensure the protection of both parties involved in the transaction.
These companies serve as neutral third parties that hold funds and documents of both sides during the transaction, protecting the interests of all parties involved until all the conditions stated in the contract are met and the transaction is completed.
Also, they help keep things transparent and make sure all the deadlines are met without a problem.
How to protect yourself from escrow fraud
There are some steps you could take to make sure you are protected from potential escrow fraud.
First, before hiring an escrow agency, it is important to research the company. Reputation rating companies like Trustpilot can help. Be aware, however, that these reviews may contain incorrect or biased information. Still, they are a crucial step in the process.
If there is a phone number, call it and make sure you talk to a real person, not a generic voice machine, as suggested by the Department of Financial Protection and Innovation. Many fraud companies use bots instead of real people, so communication with a generic voice machine is a red flag.
Escrow companies need proper licenses, so it is a good idea to check this before you begin the process. You can check through this through your state’s escrow regulatory authority.
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