105 More Title Insurance Closings Undone

MANHATTAN—Laurence Lewitas, owner and president of Gotham Abstract LLC has been indicted for stealing more than $6.7 million from more than 105 real estate transactions. According to documents filed in court, Gotham was a title abstract company that, among other things, sold title insurance. By acting as a title agent for various title insurance companies. In one case, Gotham received $2.7 million from 38 King Street LLC, a group of owners of a residential property in Manhattan, to hold in escrow until 38 King was ready to complete the purchase of a new property. The money was never deposited into a separate escrow account, according to prosecutors. Within days of being deposited, the money was stolen and transferred among various accounts.

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