LOCK HAVEN MAN CHARGED WITH EMBEZZLING MONEY FROM TITLE INSURANCE COMPANY

United States Attorney Dennis C. Pfannenschmidt today announced the filing of a one-count felony information charging ELLERY A. CRISSMAN with embezzlement from a title insurance business in connection with his operation of FIDELITY CLOSING SERVICES LLC (“FIDELITY”), a real estate settlement services company based in State College, Pennsylvania, which conducted closings for real estate transactions involving lenders and mortgage brokers from Pennsylvania and other states.

According to the information, starting in September 2007 through December 2008 CRISSMAN embezzled and misappropriated $1,612,707.08 from an escrow account, while serving as a title insurance agent for Ticor Title Insurance Company, a title insurance underwriter in Philadelphia, and as the president and treasurer of FIDELITY. The funds in the escrow account were for the purpose of satisfying liens, mortgages, and related fees in connection with real estate closings. The embezzlement and misappropriation of these funds from the escrow account by CRISSMAN caused the issuance of numerous insufficient funds checks to recorders of deeds, banks, lenders, mortgage companies, appraisers, and settlement service providers. According to the information, CRISSMAN used the embezzled funds for his personal benefit, including to make transfers covering the operating costs of other companies that he owned, to make personal loans to a State College car dealership, and to make payments to his ex-wife.

CRISSMAN, age 44, presently resides in Lock Haven, Pennsylvania. He faces a maximum term of imprisonment of 10 years in prison and a maximum fine of $250,000. Under the terms of a plea agreement filed with the information, he has agreed that he caused a financial loss of between $1,000,000 and $2,500,000, that the offense involved more than 50 victims, and that he abused a position of trust in committing the offense. CRISSMAN also has agreed to make full restitution to victims in an amount to be determined by the court, and the United States has agreed to recommend the minimum prison term within the applicable guideline range.

Mr. Pfannenschmidt stated that the case was investigated by the Federal Bureau of Investigation and that prosecution of this matter has been assigned to Assistant United States Attorney George J. Rocktashel.

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and/or United States Attorney against a defendant. A
charged Defendant is presumed innocent until a jury returns
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defendant’s guilt beyond a reasonable doubt or until the
defendant has pled guilty to the charges.