District Lawyer alleges Rockville Centre man stole $870Okay in insurance coverage scheme | Herald Group Newspapers
A Rockville Center man pleaded not guilty on April 22 to charges that he stole more than $870,000 from two title insurance companies, which left homeowners without mortgages, titles to their property and liability coverage.
Gerard Timoney, 54, was arrested on April 20 and arranged two days later on two counts of second-degree grand larceny. Bail was set at $100,000.
“This defendant not only stole from the clients who trusted him with their money, but he created a situation where families could have lost their homes,” Nassau County District Attorney Kathleen Rice said in a statement. “Purchasing a home in today’s economy is difficult enough without scam artists like Mr. Timoney picking the pockets of every hardworking man and woman unfortunate enough to have put their faith in him.”
Timoney’s lawyer, Glen Hardy, of Garden City, did not return requests for comment at press time.
According to prosecutors, Timoney, the former owner of Titleguard Land Services, Inc., and a policy-issuing agent, was hired by Stewart Title Insurance Company and Commonwealth Land Title Insurance Company to issue title insurance policies in their names. Both companies found that Timoney had not filed mortgages, paid mortgage taxes or recorded deeds on many of their properties, which resulted in a total loss of $870,000, according to prosecutors.
Instead, Timoney used the money to pay employees, child support and on personal expenses, such as to buy flowers and gardening supplies, make credit card payments and maintain his other properties and businesses.
Titleguard searches real estate titles, prepares certificates and report of a title, appears at real estate closings, issues title insurance policies, accepts deeds and mortgages for recording, accepts its customers’ funds to pay recording fees and taxes and holds security payment for real estate taxes.
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