Projo 7 to 7 News Blog

PROVIDENCE -- An East Providence woman pleaded guilty today to a federal wire-fraud charge, according to the U.S. Attorney's Office, district of Rhode Island.

Angela Raposa, 32, of Peach Orchard Drive, in the Riverside section of East Providence, admitted she used $1,301,826 from her company's escrow account to pay for personal expenses.

Raposa owned Title America Closing Services at 855 Waterman Ave., East Providence.

She faces up to 20 years in prison and a fine of $250,000 or twice the amount of gain or loss ($1.3 million). She is free on unsecured bond pending sentencing, which is currently scheduled for April 17.

At the plea hearing, Assistant U.S. Attorney Andrew J. Reich said the government could prove that, between February 2006 and February 2007, Raposa wrote checks and used a debit card against her company's escrow account to pay for such personal expenses as residential utility bills and mortgage payments, hair salon fees, cosmetics, clothing, a car, personal trips, and payments to relatives.

Proceeds of real estate transactions were deposited into the escrow account and were supposed to be used to be disbursed at real estate closings, primarily to pay off existing mortgages.

Stewart Title, an underwriter for Title America, discovered the scheme in February 2007. As the underwriter, Stewart Title had to pay off mortgages totaling $1,301,826 from five real estate transactions.

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