A real estate agent got convicted after confessing that he took money from their agency's escrow account.
According to a report by chicagotribune.com, Harry G. Simons, 49, of Willowbrook, said that he only took the money to help their business "afloat."
The report said that "Authorities accused Simons of stealing more than $145,000 from the ReMax County Line agency in Burr Ridge he managed. The money, they said, came from an escrow account used to hold funds in pending real estate transactions, such as earnest money."
Assistant State's Attorney Diane Michalak Simons had taken money multiple times starting last 2012. With his scheme, Simons was able to keep the acount's maintaining balance by using new funds that come in to their business.
At the end of his stealing spree, Simons has total debt of $150,000 by the time he stopped the operations of the business last February 2014. Simon's attorney, John Paul Carroll, defended the former saying he's only a "bad businessman making a desperate bid to keep his agency open."
Also, Carroll admitted that Simon took money from the escrow account but he assured that Simon "intended to repay it."
Robert Briant, a former real estate giant for Simons said "All of a sudden he [Simons] said 'I can't do this anymore. There's no money.'" The agent also added that "Simons was supposed to transfer more than $100,000 that was being held on two pending deals, but Simons admitted that the escrow funds were gone."
According to dailyherald.com, buyers and agents from Simon's company have testified that the agents have used their own commissions to cover up for the loss because "it was the right thing to do."
Simons' custody was requested by Michalak but Judge Robert Miller denied the request. Simons' next hearing is scheduled on January 6 when the sentencing date will most likely be set.
What are your thoughts about Simons' scheme? Have you or someone you know have experienced the same? Sound it in the comments!
