ST. LOUIS, Mo. (KSDK) - A St. Louis County woman pleaded guilty Wednesday to federal fraud charges stemming from her time as a manager at Lenders Guarantee Title Company.
Court documents say Elizabeth Glosemeyer, 45, raided the company's escrow account to fund operations. This account consisted of clients' money and was to be used only for clients' real estate transactions. Officials allege that she doctored financial records to cover up her actions from Lenders' underwriters.
During the summer of 2012, an audit uncovered Glosemeyer's scheme and Lenders soon went out of business. Because of the deficit, at least one transaction over $200,000 had to be closed with underwriters' funds.
Glosemeyer's sentencing has been set for Nov. 15. Each count of wire fraud carries a maximum term of 20 years in prison and a $200,000 fine. Restitution to financially aggrieved parties is also mandatory.