The former owner of various title insurance companies throughout Florida faces up to 20 years in prison after pleading guilty to defrauding financial institutions using interstate wire transfers.
Jonathan Yasko, of Winter Springs, Fla., pleaded guilty to wire fraud on May 30 in the U.S. District Court, Middle District of Florida. A sentencing date has not been set.
According to court documents, Yasko owned several title companies that were responsible for handling real estate transactions and issuing title insurance. These companies were required to keep funds from lenders and homeowners in separate escrow accounts and follow specific instructions for disbursing these funds.
From January 2021 to August 2023, Yasko manipulated the system to defraud financial institutions by promising to maintain the funds in escrow and disburse them according to the instructions. Instead, he transferred funds from these escrow accounts to other accounts with insufficient funds and used the money for personal expenses, such as credit card bills and home renovations.
This caused issues with real estate closings, leading to title insurance underwriters paying settlements to the affected financial institutions, including those involved with Freddie Mac.
In exchange for his role in the scheme, Yasko also received ill-gotten title insurance premiums.
As restitution, Yasko has agreed to forfeit $201000, the proceeds of the charged criminal conduct.
This case was investigated by the Federal Housing Finance Agency Office of Inspector General and the FBI. It is being prosecuted by Special Assistant United States Attorney Chris Poor.