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Press Release

Title Company Owner Charged With Misusing Funds

For Immediate Release
U.S. Attorney's Office, Eastern District of Pennsylvania

PHILADELPHIA - Anthony R. Angelo, 69, of Philadelphia PA was charged today by Information with wire fraud and bank fraud, announced United States Attorney Zane David Memeger.


The Information alleges that Angelo was the owner of Aracor Search & Abstract Services, Inc., a title company that provided real estate title insurance services and transactions, located in Philadelphia, Pennsylvania.  Because Ararcor was in debt, Angelo caused funds from dedicated escrow accounts to be used to pay off other escrow obligations and operating costs, causing a loss of over $1 million to the victims.


If convicted the defendant faces a maximum possible sentence of 70 years in prison, a $1.5 million fine, a five-year period of supervised release and a $300 special assessment.


The case was investigated by Federal Bureau of Invesitgation and is being prosecuted by Assistant United States Attorney Daniel A. Vélez.


An Information is an accusation.  A defendant is presumed innocent unless and until proven guilty.

Updated December 8, 2015

Financial Fraud