State Regulators Seize Valencia Escrow Firm
A Valencia escrow firm has been seized by state regulators after a routine audit found that an estimated $164,000 was missing from the firm’s trust-fund account.
Ruth Altman Escrows Inc. is being run by a conservator, Allen Eggers, after being seized March 5, said Dale Lucas, chief examiner for the state Department of Corporations. The firm has operated in Valencia for 10 years, he said.
The firm was handling an estimated 100 pending escrows, and those cases are now being processed by another firm, Imperial Escrow in Newhall, Eggers said.
Eggers said that once he determines the exact cash shortage at Ruth Altman Escrows, he will ask for reimbursement from the Escrow Agents Fidelity Corp., an organization that insures escrow firms against such losses.
The firm’s owner, Ruth Altman, said she had no comment beyond that she is “very confused” because it has not yet been determined how the alleged shortfall occurred.
Lucas declined comment on whether the Department of Corporations is considering any further action against Altman.
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