PHILADELPHIA – Alfred Drechsel, 47, of Voorhees, NJ was charged by Information with one count of wire fraud in connection with a scheme that defrauded borrowers and title insurance companies, announced United States Attorney Zane David Memeger.
Drechsel was an owner of Lenders Edge Settlement Services, LLC, (“Lenders Edge”) and Integrity Assurance Inc. (“Integrity Assurance”), located in Feasterville, PA. The information alleges that Drechsel, who was responsible for making the loan disbursements, diverted settlement funds into various Lenders Edge and Integrity Assurance bank accounts and used the diverted loan proceeds to pay off other unrelated mortgages, to pay other business expenses, and for personal expenditures. According to the information, the total amount of mortgages that the defendant failed to pay off as required by the settlement statements was approximately $2,919,186.61.
If convicted, the defendant faces a statutory maximum sentence of 20 years in prison, restitution, a period of supervised release, a $100 special assessment, and a possible fine.
The case was investigated by the FBI and is being prosecuted by Assistant United States Attorney Jennifer Barry.
An Information is an accusation. A defendant is presumed innocent unless and until proven guilty.