Another sad tale for the title industry. A Jacksonville FL title agent has been charged with defrauding clients of nearly $400,000 while operating an unlicensed title agency.
The Florida Department of Financial Services Division of Insurance Fraud arrested 41-year-old Kristine Ann Spahr, who is accused of illegally defrauding clients of nearly $400,000; illegally operating Signature Title and Trust LLC; and profiting from escrow monies belonging clients.
The investigation started in January, when the Florida Division of Insurance Fraud got a complaint about Spahr’s operations. Investigators soon learned Spahr had forfeited her title agency to work for another title company, Grace Title, but she was allegedly still operating Signature Title without a license.
Spahr is accused of defrauding clients on at least seven separate occasions by keeping their real estate escrow funds and not giving clients the title insurance they paid for. Those funds exceed $391,000, according to investigators. Spahr was booked in to the Nassau County Jail for a felony count of organized schemes to defraud and could face up to 15 years in prison if convicted.