ORLANDO, Fla. – Jonathan Yasko, 46, of Winter Springs, has pleaded guilty to wire fraud after orchestrating a scheme that siphoned millions of dollars from real estate escrow accounts for personal gain, United States Attorney Gregory W. Kehoe announced today. Yasko faces a maximum penalty of 20 years in federal prison. A sentencing date has not yet been set.
According to court documents, Yasko owned or controlled several title companies responsible for real estate settlement services and issuing title insurance policies.
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These companies were legally bound to deposit funds from lenders, buyers, and homeowners into segregated escrow accounts, ensuring these monies were kept separate from the companies’ operating funds. Furthermore, Yasko’s title companies held a fiduciary duty to financial institutions, requiring them to disburse funds according to strict instructions and to act in the best interests of the funding parties.
From January 2021 through August 2023, Yasko systematically defrauded financial institutions by repeatedly violating these legal and ethical obligations. He promised to keep lender funds segregated in escrow accounts in accordance with Florida law and to disburse them as per closing instructions. However, Yasko initiated fraudulent interstate wire transfers, moving lender funds from segregated escrow accounts to other accounts with insufficient funds to complete separate closings. More egregiously, he diverted significant sums to his title company operating accounts for illicit purposes, including paying off personal credit cards, covering home renovation expenses, and making other personal payments.
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The embezzlement of mortgage lender funds directly prevented real estate settlements from taking place, resulting in substantial losses. Title insurance underwriters were forced to pay out settlements to the victim’s financial institutions. Notably, several of these botched closings involved mortgage loans that were either purchased or owned by Freddie Mac.
In addition to his fraudulent activities, Yasko also received ill-gotten title insurance premiums as a result of his scheme. As part of his guilty plea, Yasko has agreed to forfeit $201,004.57, representing the proceeds of his criminal conduct.
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