Posted Mar 30, 2012 04:20 pm CDT
A Duluth, Ga., attorney disbarred in 2009 was arrested Friday morning on charges that he covered various personal expenses by misappropriating as much as $1.5 million from real estate closings, beginning in 2007.
Neal Landers, 45, is expected to be arraigned Friday on charges including bank fraud, money laundering and wire fraud, reports the Atlanta Business Chronicle. The most serious charges he faces, if he is convicted, could result in a prison term of up to 30 years.
He is accused of failing to promptly pay out money from his escrow account as required, instead allegedly using money he subsequently received to pay earlier obligations.
A Mortgage Fraud Blog post provides additional details.