PROPERTY NEWS: Texas seizes title company after millions in customer money allegedly disappears & Lock Box site BELOW
The Texas Department of Insurance seized a Dallas area title insurance agency after allegations surfaced that the companys owner disappeared with millions of customers money.
Dallas NBC DFW has the story of Millennium Title, which was taken over and closed last week by the Texas Department of Insurance after the companys founder, Nancy Carroll, vanished.
The Texas Department of Insurance ordered the company, Millennium Title, to close last week, saying the company had less than $10,000 on hand to pay more than $100,000 in bills.
Employees were dismissed, and state caretakers are now trying to close property transactions.
Carroll is accused in a lawsuit, filed Friday in Tarrant County District Court by John Herlihy, of disappearing with funds he had put in escrow to sell some property.
The suit claimed Carroll has left the country, absconding with over $1 million of his proceeds.
The NBC report states that the Texas Department of Insurance set up a website for customers of Millennium Title to submit a claim if they are owed escrow money by the now defunct title company. Web site: http://www.millenniumtitlesdr.com/index.htm
SOURCE: NBC DFW
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