Mortgage Company CEO Embezzled $13M
Posted on Saturday, 14 of June , 2008 at 7:35 am
NEW YORK—Steven Leff, 45, the former president of National Settlement Agency (NSA), pleaded guilty Friday to a felony information charging him with embezzling the proceeds of mortgage refinancing transactions.
The proceedings were held before U.S. Magistrate Judge Thomas E. Boyle at the U.S. Courthouse, in Central Islip, N.Y.
The government’s pleadings allege that Leff was entrusted with mortgage refinancing proceeds in his capacity as president of NSA, which acted as a settlement agent for numerous FDIC insured banks. NSA’s function was to disburse these proceeds to various individuals and entities, including individuals who sold and refinanced properties and prior mortgage holders.
Instead, Leff embezzled the proceeds of several refinance loans, which should have been used to pay off the outstanding principal amounts on the prior mortgages.
As part of his guilty plea, Leff admitted that, in total, he stole more than $13 million in refinanced loan proceeds. At sentencing, Leff faces a maximum sentence of 30 years in prison. 6-14-08
Category: Business, Courts, Crime
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