Posted 10/29/2012 12:00 am
The Arkansas Insurance Department recently yanked the licenses of a Van Buren title insurance agent and his agency over a number of faulty practices at his office.
Charles Bryan Dyer, who owns Edwards Title LLC, apparently made a number of missteps that led the AID to conclude that Dyer “demonstrated incompetence, untrustworthiness, lack of good personal or business reputation, or financial irresponsibility.”
Part of the problems the AID noted was that a former employee, Susan Hudson, used loan proceeds to pay off other mortgages. It was a scheme that had been going on for years, according to the 25-page AID order filed earlier this month.
Hudson also allegedly stole between $5,000 and $7,000 from the company’s escrow account, the order said. The alleged thefts occurred before 2011, but she wasn’t immediately fired when the thefts were discovered, the order said.
Other problems at the agency included how the books were handled. One of Edward’s accounts had $17,000 in it, but Dyer “cannot explain to whom the money belongs,” the order said.
The AID also found other areas of the business that were a mess.
“On a number of occasions, checks and deposits were written into and out of the same escrow account, which indicates fake or ‘dummy’ checks and deposits,” the order said.
Lenita Blasingame, AID chief deputy commissioner, recommended that the licenses for Dyer and Edwards Title be pulled. Jay Bradford, insurance commissioner, agreed.
Dyer, who had held an Arkansas title insurance agent and agency licenses since, 2008, didn’t immediately return a call for comment. Hudson also couldn’t be reached for comment.