Tuesday, September 26, 2006
Inman Real Estate News - Stewart Title accused of engaging in captive reinsurance scheme
"California Insurance Commissioner John Garamendi on Monday accused Stewart Title of channeling illegal kickbacks to shell companies created by home builders and lenders in exchange for business.
Garamendi alleges the shell companies had no offices or employees and were created with the sole purpose of receiving kickbacks related to unnecessary 'reinsurance' agreements."
Garamendi alleges the shell companies had no offices or employees and were created with the sole purpose of receiving kickbacks related to unnecessary 'reinsurance' agreements."
