Manager of Area Title Company Indicted on Fraud Charges

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(Credit: Thinkstock)

(Credit: Thinkstock)

ST. LOUIS (KMOX) – According to an indictment Friday, the manager of a local title company raided her company’s escrow account in order to fund operations.

Eliza Glosemeyer, 45, of St. Louis County, faces two counts of wire fraud. She was the manager of Lenders Guarantee Title Company.

The escrow account Glosemeyer is accused of funneling money from was filled with clients’ money and “was to be used for the clients’ real estate transactions,” according to federal investigators.

According to the indictment, Glosemeyer then doctored financial records in hide the illegal transactions. The supposed dealings were uncovered during an audit of Lenders Guarantee Title Company last summer.

Glosemeyer faces 20 years in prison for each wire fraud charge and must also reimburse clients if found guilty.

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