Title Company Accused of Stealing Funds
February 16, 2016
An owner of a title company in the Dallas area was arrested after being accused of taking off with millions in stolen funds that were put in escrow to sell property. Nancy Jackson Carroll was arrested outside of Chicago last Thursday after skipping town two weeks ago when the state seized control over the title company.
Read more: Title Snafus and You
Carroll, who also goes by Nancy Jackson Spinks, will face charges of theft and being a fugitive from justice. No bond has been posted.
Carroll was the owner of Millennial Title Company in Southlake, Texas. Last month, the Texas Department of Insurance took control over the title company and ordered it to close after an investigation discovered that the company had less than $10,000 to pay more than $100,000 in bills. Shortly after, the company’s owner went missing.
Millennial Title has only been open for a year and is based in Southlake but has offices throughout the North Dallas area, including in Frisco, Plano, Addison, and Dallas.
Police officials say about $3 million was missing from the company’s escrow account, and at least $2 million more from separate investor accounts.
“Most consumers won’t see a disruption,” says Jerry Hagins, a spokesman for the Texas Department of Insurance. The state says that anyone who did lose more than $250,000 will likely get their money returned when the title company is liquidated. Money in escrow is insured up to $250,000.
The Texas Department of Insurance has set up a website for anyone in the midst of buying or selling property who had involvement with the title company and has questions about the case.
Source: “Southlake Title Company Owner Arrested,” NBCdfw.com (Feb. 15, 2016) and “State Seizes Title company Amid Allegations of Missing Millions,” NBCdfw.com (Feb. 1, 2016)
Updated: June 17, 2019