Theft of escrow funds nets 12 years in prison

The former owner of an Ohio title insurance agency has been sentenced to 12 years in prison and ordered to pay more than $7 million in restitution for allegedly stealing escrow funds from hundreds of individuals and businesses.

Steve Clayton, the former owner of Equity Land Title Insurance Inc., allegedly used a check kiting scheme from 1995 to 2002 to pay previously closed real estate transactions for which he had already spent the funds.

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