A New Port Richey couple has been arrested on multiple counts of theft of escrow funds and money laundering for allegedly stealing nearly $8 million from their title company escrow accounts.
The charges against John T. Wehlau and Cheryl T. Wehlau, owners and operators of Gulf Coast Title Closings & Escrow Services in New Port Richey, are the result of an investigation by the Department of Financial Services' Division of Insurance Fraud, a statewide law enforcement agency that investigates insurance fraud. The primary victim, Commonwealth Land Title Insurance Co., covered hundreds of home buyers' missing funds.
The Wehlaus are charged with 21 counts of theft of escrow funds, three counts of money laundering and one count of grand theft. If convicted on all of the charges, they could face a sentence of up to 30 years in prison on each count.
Monday, September 17, 2007
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