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June 29, 2007
Guaranty Title Under Investigation
An investigation into whether Missouri-based Guaranty Title Co. misappropriated funds has been launched by LandAmerica Financial Group, Guaranty's sole underwriter. LandAmerica is now examining the title company's books, with the audit expected to wrap up soon. A misappropriation occurs when money in an escrow fund is used for either personal purposes or business operations. The state's Department of Insurance will take action based on the audit's conclusions, which could lead to Guaranty's license being suspended or even revoked.
Posted by S. Germain at June 29, 2007 07:54 AM