Georgia woman nabbed for theft at real estate closings

A 39-year-old Georgia woman has been arrested and charged with two felony counts in connection with real estate closings she attended with clients, official said Friday.

Investigators with the Electronic Crimes and Financial Unit of the Gwinnett County Police Department in Georgia arrested Vivian Min of Suwanee and charged her with two felony counts of "Theft by Taking."

Min worked as a real estate agent for Bob Wood Realty from 2001- 2004, officials said. Min allegedly went to several closings for properties located in Gwinnett County and received a commission check for the sale of the properties.

The commission check was to be issued to Bob Wood Realty, which would then pay Min her commission from the sale, but Min allegedly instructed the closing attorney to issue the check to her company "Property Solutions" and deposited the funds directly into her account, officials said.

The total loss suffered by Bob Wood Realty was $17,565.

Mortgage fraud crimes have increased in recent years, with Georgia listed as a hot spot for the white-collar crimes, according to a report from the Federal Bureau of Investigations. Residential real estate loan fraud is a national epidemic, costing communities nationwide an estimated $1 billion in 2005, compared with $429 million in 2004, the agency says.

Read the Inman News white paper, "Inside Real Estate's Fraud Crisis: Schemes that Hijack the American Dream."

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