Westfield Man Admits Theft and Misconduct
Louis Macaluso, former owner of Affinity Title Agency, Inc., pleaded guilty Thursday to charges of theft and misconduct by a corporate official.
According to Acting Attorney General John Hoffman, the Westfield resident admitted that between July 2010 and September 2012, he failed to use funds entrusted to him as a settlement agent to pay off 34 outstanding mortgage loans on properties in New Jersey, Pennsylvania, Maryland and Ohio. The unpaid balances totaled approximately $5.3 million.
Macaluso, whose company is no longer in business, has also been ordered in federal court to pay full restitution. He made an initial payment of $700,000.
“Real estate sales frequently attract con artists because of the huge sums of money involved,” said Acting Attorney General Hoffman. “It is particularly alarming, however, when individuals who run licensed businesses engage in theft, because their crimes undermine confidence in the industry.”