The owner of a New Jersey real estate title company who admitted stealing $3.8 million in closing funds, which he used to play the stock market, is headed to prison. Attorney General Paula Dow says 35-year-old Ronald P. Mas Jr. of Red Bank received a 12-year term today. He also must pay $3.8 million in restitution. Mas pleaded guilty in...
The owner of a New Jersey real estate title company who admitted stealing $3.8 million in closing funds, which he used to play the stock market, is headed to prison.
Attorney General Paula Dow says 35-year-old Ronald P. Mas Jr. of Red Bank received a 12-year term today. He also must pay $3.8 million in restitution.
Mas pleaded guilty in August to money laundering and theft charges. He owned Olde Gotham Title and Settlement Services in Red Bank.
A state investigation revealed that he diverted loan proceeds into his Ameritrade account. Instead of paying off clients' mortgages in full, he made monthly payments, placing the balance of the loan proceeds in his stock trading account.
Previous coverage:
• Red Bank mortgage-settlement agent admits money laundering, $3.8M theft