Former Lyon County Title Company Owner Pleads Guilty to Federal Identity Theft and Tax Evasion Charges
Las Vegas, Nev. - A woman who operated a real estate title company in Yerington, Nevada, in the late 1990's has pleaded guilty to federal identity theft and tax evasion charges for obtaining mortgage loans by fraud and misappropriating the monies for her own use, announced Daniel G. Bogden, United States Attorney for the District of Nevada.
DONNA LYNN GLOCK pleaded guilty Monday, November 7, 2005, in U.S. District Court in Reno to one count of Identity Theft and one count of Tax Evasion. She is facing up to15 years in prison and a $250,000 fine on the identity theft count, up to five years in prison and a $250,000 fine on the tax evasion count, and is scheduled to be sentenced on February 16, 2006.
According to her guilty plea memorandum, during the years 1999 to 2000, GLOCK operated American Title & Escrow, Inc., in Yerington, Nevada. Old Republic National Title Insurance Company in Minneapolis, Minnesota, was the underwriter for the company. GLOCK used her position at the title company to obtain loans from private lenders by fraud, and she misappropriated these funds and other funds from the business for her own personal use. She did not report these misappropriated funds as income to the IRS, nor did she file a tax return for the years 1999 and 2000.
Specifically, GLOCK admitted to creating false documentation and using the names of other individuals to obtain three mortgage loans during 1999 and 2000 totaling approximately $192,500. GLOCK listed their names on preliminary reports of title insurance indicating they had fees in certain real properties, when in fact they did not. GLOCK also listed their names and forged their signatures on deeds of trust, assignments of rents, and promissory notes to secure monies from private lenders. These individuals included her daughter, her daughter's husband, and a close friend of her daughter's.
Using her position as owner of the title and escrow company, GLOCK then obtained the monies for her own personal use. The underwriting company, Old Republic National Title Insurance Company, reimbursed the private lenders.
The guilty plea memorandum further indicates that during the years 1999 and 2000, GLOCK diverted $377,511 from the bank accounts of American Title & Escrow, Inc. for her own personal use by writing business checks to herself and her husband, or by depositing business checks in her daughter's account. The tax loss to the IRS for both years is estimated to be $118,516.
GLOCK is released on a personal recognizance bond pending sentencing.
The case is being investigated by Special Agents with IRS Criminal Investigation and the FBI, and prosecuted by Assistant United States Attorney Brian Sullivan.