The former president and principal shareholder of Landmark Closing Co. Inc., which operated out of Searcy between 2006 and mid-2009, has been sentenced to two years in prison after pleading guilty to a mail-fraud charge.
Marci Ann Ingram, 41, of Searcy admitted to a federal judge April 12 that she had siphoned more than $400,000 from a title-insurance company to enjoy a lavish lifestyle. In pleading guilty, Ingram acknowledged using her position as a state-licensed resident title-insurance agent to set up an escrow account that she used to pay for personal luxuries such as trips; Arkansas Razorback tickets; downloaded movies and music; online gambling; clothing; makeup and country-club dues.
The funds in the account she maintained at First Community Bank in Searcy were to be reserved for disbursements ordered at the closing of real-estate transactions on behalf of Old Republic National Title Insurance Co., for which she was a policy-issuing agent, according to court documents.
The diversion of some of the escrow funds resulted in a lack of sufficient funds to pay off some lien holders, causing Old Republic to pay $418,828.68 to cover losses to lien holders, federal prosecutors said.
U.S. District Judge James Moody has sentenced her to two years' imprisonment plus three years of supervised release, according to a late Tuesday statement by U.S. Attorney for the Eastern District of Arkansas Chris Thyer and FBI Special Agent in Charge Randall Coleman.
An order for restitution will be issued separately after it is determined how much Ingram has repaid and how much she still owes, the statement says.