Printer Friendly

Suit Alleges That First American Title Insurance Company is Responsible for Its Agents' Fraud In $3 Million Claim.

Released by Legal Media, LLC (Logical Link Control) See "LANs" under data link protocol.

LLC - Logical Link Control
 

PONTIAC, Mich., Jan. 21 /PRNewswire/ -- First American First American may refer to:
  • First American (comics), A superhero from America's Best Comics
  • First American, a division of the now-defunction Bank of Credit and Commerce International.
 Title Insurance Company, the largest title insurance company in the United States, is alleged in a Michigan lawsuit to be responsible for millions of dollars in losses sustained by Michigan businessman Isaiah Shafir. In a motion filed today in Oakland County Circuit Court, before the Hon. Wendy Potts, Mr. Shafir alleges that First American's agents participated in a fraudulent real estate scheme in an attempt to divest Mr. Shafir of title to 42 investment properties, with a value in the millions of dollars. Shafir seeks a ruling that First American is liable for its agents' conduct.

According to the motion, First American's agents, Simmons Title Company and Patriot Title Company, recorded a fraudulently obtained deed and issued false title policies concealing Mr. Shafir's interests in the properties. The suit alleges that Simmons Title and Patriot Title did this to assist a man named Randy Saylor to sell the properties, which did not belong to him, and to obtain fraudulent mortgages on the properties. Mr. Saylor is currently in the Kalamazoo County jail and when his deposition was taken in jail, he refused to answer pertinent questions and relied on the Fifth Amendment privilege against self-incrimination The privilege against self-incrimination forbids the government from compelling any person to give testimonial evidence that would likely incriminate him or her during a subsequent criminal case. .

The suit alleges that, in 2003, Saylor obtained a facsimile copy of a deed to the 42 properties. The suit further alleges that he then conspired with Simmons Title and Patriot Title to sell these properties fraudulently and obtain mortgages. These title agencies issued title commitments and policies that did not disclose Saylor's lack of ownership of the properties, or several previous mortgages on the properties belonging to Mr. Shafir. According to the motion, Patriot Title also assisted Saylor by recording with the register of deeds The designation, in certain jurisdictions, of the public officers who record documents that establish ownership of property, mortgages, and other instruments that relate to real property in official record books provided and maintained for such purpose.  the facsimile deed. Shafir alleges that First American failed to investigate or monitor its agents' activities. The motion claims, "First American's reckless conduct has allowed its agents to defraud people in the midst Adv. 1. in the midst - the middle or central part or point; "in the midst of the forest"; "could he walk out in the midst of his piece?"
midmost
 of a nationwide real estate crisis."

The motion asserts that First American had an obligation to properly investigate and supervise its agents. Gerard Mantese, the attorney for Mr. Shafir, stated, "Our motion explains, it is untenable for First American to deny responsibility for its agents' conduct."

CONTACT: Gerard Mantese of Mantese and Rossman, P.C., +1-248-457-9200, +1-248-515-6419 (cell), +1-248-457-9201 (fax)
COPYRIGHT 2009 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2009 Gale, Cengage Learning. All rights reserved.

 Reader Opinion

Title:

Comment:



 

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 21, 2009
Words:386
Previous Article:Seven Summits Research Releases Comments on GOOG, DIS, AMR, SPW, and HBI.
Next Article:Live Sustainably and Save Fifteen Days a Year With ORG Home Organization Solutions.


Related Articles
Allstate New Jersey Files Fraud Suit Under New Jersey Civil Rico Statues.
Allstate New Jersey Names 241 Individuals and Medical Providers in Alleged Phony Accident Scheme.
Allstate Files Lawsuit Seeking $14.5 Million Against Chicago Area Medical Providers and Lawyers.
Michigan Attorney General Cox, Treasurer Rising Team Up to Protect Michigan Pensions; Michigan Acts to Recover Over $30 Million from AIG for Michigan...
Alleging a Family Fraud Operation, Allstate New Jersey, Encompass Insurance File $3.7 Million Lawsuit Against Elmora Open MRI.
UPDATED: Alleging a Family Fraud Operation, Allstate New Jersey, Encompass Insurance File $3.7 Million Lawsuit Against Elmora Open MRI.
Three Quincy Residents Indicted in $30 Million Under-the-Table Payroll Scheme, Reports U.S. Attorney.
HUD, Florida settle RESPA kickback charges with title insurer.
Hagens Berman Sobol Shapiro: Nation's Largest Title and Escrow Companies Accused of Bilking Consumers.
Peter Schillinger Partner Odesser, Schillinger & Finsterwald LLP.

Terms of use | Copyright © 2014 Farlex, Inc. | Feedback | For webmasters