Prosecutors have charged Alfred Dreschel, 47, with one count of wire fraud. Dreschel was an owner of Lenders Edge Settlement Services and Integrity Assurance, both located in Pennsylvania. Dreschel, who was responsible for making loan disbursements for mortgages, has been accused of diverting funds into various bank accounts for Lenders Edge and Integrity Assurance. Prosecutors say that Dreschel used the diverted loan proceeds to pay off other mortgages, to pay business expenses, and for personal expenditures.
According to prosecutors, Dreschel’s diversion of funds resulted in the failure to pay off more than $2,919,000 worth of mortgages.
If convicted, Dreschel faces up to 20 years in prison and a period of supervised release. He could also be required to pay fines and restitution.
A Pennsylvania title company owner has been accused of pilfering nearly $3 million in loan funds, according to the U.S. Attorney’s Office. If convicted, he faces up to 20 years in prison.