MANHATTAN (CN) – Federal prosecutors say the president of three title companies – one of them among the largest in the state – took millions of dollars from escrow funds to keep his Liberty Title Agency afloat, and took some of it for himself. Brian H. Madden was charged with insurance fraud and wire fraud.
Madden, 55, of Greenlawn, N.Y., ran Liberty Title, Skyline Title and GNY Liberty Abstract, which operated in New York and Suffolk Counties. The U.S. Attorney’s Office say he funneled $2.2 million into Liberty, and some of it into his own pockets, to keep Liberty afloat, and for his own purposes.
Prosecutors say he took the $2.2 million between January 2008 and April this year, when Liberty closed down. He faces a total of up to 30 years in prison and fines if convicted of both counts.