In the following press release Michael L. Levy, United States Attorney for the Eastern District of Pennsylvania, today announced the filing of a one-count information1 charging Jason Bloom [39 of Mount Laurel, NJ] with wire fraud. According to the information, from at least March 2004 through January 2008, Bloom engaged in a scheme to defraud homeowners, lenders, title insurance companies and the City of Philadelphia of approximately $1,730,874. Also, according to the information, Bloom, who acted as a settlement agent and title insurance agent for real estate sales and refinancings, kept for himself: (1) money received in connection with settlements which was supposed to be used to pay off existing mortgages; (2) tax payments intended for the City of Philadelphia; and (3) refunds due to homeowners as a result of overpayments at closings.

[Ed note. Bloom’s company was called A Great Title Company LLC which was based in Marlton, NJ]
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If convicted, Bloom faces a maximum sentence of 30 years in prison, a $1 million fine, and five years supervised release.

The case was investigated by the Federal Bureau of Investigation and the United States Postal Inspection Service, with the assistance of the City of Philadelphia Office of Inspector General. The case has been assigned to Assistant United States Attorney Judy Goldstein Smith.

Update on Wednesday, October 14, 2009 at 10:28PM by The Editor - Ian Shuter - ACFE, DMS

Jason Bloom, 39, of Mt. Laurel, NJ, was sentenced today to 90 months in prison for wire fraud stemming from a scheme to defraud homeowners, lenders, title insurance companies, and the City of Philadelphia of approximately $1,730,874.  Bloom engaged in this scheme from at least March 2004 through January 2008, acting as a settlement agent and title insurance agent for real estate sales and refinancings.  He kept for himself:  (1) money received in connection with settlements which was supposed to be used to pay off  existing mortgages; (2) tax payments intended for the City of Philadelphia; and (3) refunds due to homeowners as a result of overpayments at closings.  Bloom also sent checks to financial institutions knowing that they were written on insufficient funds.  Bloom pleaded guilty on July 13, 2009.

In addition to the prison term, U.S. District Court Judge Curtis J. Joyner ordered Bloom to pay restitution in the amount of $1,730,874.

FBI Press Release