Due to the nature of real estate transactions, scams can be very lucrative. In this $200,000 scam, a New York man scored big.
In 2014, Christopher Cable went to a home closing in Syosset, a Long Island hamlet east of New York City. He arrived with documents stating that he was the president of New York RE LLC, and that he had the authority to sell a Brooklyn home to Hemlock House LLC.
The documents came with forged signatures for real executives of New York RE LLC. The day after the closing, Cable opened a bank account at Capital One Bank, again using forged documents representing New York RE LLC.
Cable received $213,394.86 of the $225,000 closing price in the scam, and quickly deposited $178,394 into the new bank account before transferring nearly the entire amount to his personal accounts.
This is an example of why title insurance is so important. Thanks to the title company, the victim was not stuck with the $225,000 bill. If you are looking for a title insurance company for your next real estate transaction, remember that you can trust your real estate agent to connect you with a legitimate and qualified title insurer. Even for an all cash deal, title insurance will protect you from fraud losses.
The law finally caught up with Cable in 2016, and he has been arraigned on $100,000 bond or $75,000 cash. With the $200,000 scam he pulled, coming up with bail should be a piece of cake. The 5 to 15 years in prison he faces if convicted of second degree grand larceny and three counts second degree criminal possession of a forged instrument, however, won’t be so much fun.
Get the rest of the story at the Syosset Patch.