Colorado insurance commissioner confirms new title probe
|April 19, 2005|
Denver-based company closed last week, now under investigation
Colorado Insurance Commissioner Doug Dean
A Colorado title insurance company is under investigation by the Division of Insurance, the state's insurance commissioner confirmed.
Doug Dean, Colorado's insurance commissioner, Monday confirmed that Denver-based Alta Vista Title, which closed last week, is under investigation. Dean refused to give further details, saying the investigation is still open.
One of the company's owners, Arthur M. Vasquez, is under investigation for having allegedly withdrawn about $900,000 from escrow accounts, the Associated Press reported last week.
Texas-based Stewart Title Guaranty Co. filed a complaint in Denver District Court last week saying Vasquez had "improperly withdrawn" about $900,000 from escrow accounts, reports said.
Vasquez's lawyer, Bill Ritter, told AP that Vasquez is cooperating with the investigation.
Copyright 2005 Inman News