TRENTON, N.J.: Authorities say a northern New Jersey man has admitted to stealing more than $5 million entrusted to him to pay off multiple mortgage loans.
New Jersey’s attorney general says Louis Macaluso pleaded guilty Thursday to criminal charges in connection to stealing $5.3 million he received for 34 outstanding mortgage loans on properties in New Jersey, Pennsylvania, Maryland and Ohio.
Prosecutors say the 47-year-old Westfield resident received the funds as a settlement agent through his New Jersey-based company, Affinity Title Agency, Inc.
New Jersey Title Insurance Co., Commonwealth Land Title Insurance Co. and Title Resource Guaranty Co., which lost money in the scheme, filed civil actions in federal court and Macaluso has been ordered to pay full restitution.
Macaluso has surrendered his insurance producer licenses in New Jersey, Colorado and Ohio.