MANHATTAN (CN) – The president of a title insurance company was charged with embezzling $4.7 million from three agencies he controlled in New York. Federal prosecutors charged Brian H. Madden, president and co-founder of Liberty Title Agency, with wire fraud, insurance fraud and money laundering.
Liberty is one of the largest independently owned title insurance agencies in New York, the U.S. Attorney’s Office said. Madden also controlled Skyline Title and GNY Liberty Abstract. Liberty Title closed in April.
Madden, 55, of Greenlawn, N.Y., began embezzling the money in early 2008, prosecutors said. If he convicted, he faces up to 20 years in prison for wire fraud and money laundering, and 10 years for insurance fraud, plus fines and restitution.