BROWARD TITLE LAWYER CHARGED IN MORTGAGE SCHEME

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Florida’s Office of Financial Regualtion announced that attorney Peter N. Price, 49, of Hollywood, pled guilty to a criminal information charging him with making false statements to HUD, in violation of Title 18, United States Code, Section 1001. In addition, Price agreed to make restitution to Stewart Title Guaranty, the victim of his fraud, in the amount of $1,608,246.57.

Price’s sentencing is scheduled for August 27, 2010, in U.S. District Court in Ft. Lauderdale. Price faces a maximum statutory sentence of 5 years in prison.

According to the criminal information and statements made during the plea hearing, Price, a title attorney, operated Intracostal Title Services, Inc., a title company in Hollywood, Florida.
 
According to statements made in court, Price embezzled more than $1,000,000 in loan proceeds that had been sent to Intracostal’s escrow bank account by clients to pay off prior mortgage loans. Instead of using the money as directed, Price prepared and sent a false HUD1 Real Estate Settlement Form, falsely reflecting the old loans had been paid.

Whether you are mortgage broker,  appraiser, doctor,  lawyer,  CPA,  realtor,  architect,  engineer,  stockbroker,  nurse,  auctioneer, contractor, or  pharmacist, a professional license is a prerequisite for doing business in the State of Florida. We assist in the application process and help you understand and comply with all applicable government regulations associated with your license. We also defend you against attacks on your professional license and represent you before the appropriate administrative board. For more information regarding professional licensing law contact Soreide Law Group at: www.floridaprofessionallicense.com or call (888) 760-6552.