TRENTON, N.J. (AP) -- The owner of a northern New Jersey real estate title who stole more than $5 million entrusted to him to pay off multiple mortgage loans is now headed to prison.
Acting state Attorney General John Hoffman says Louis Macaluso received a 10-year prison term Friday and surrendered his state insurance producer license.
The 47-year-old Westfield resident pleaded guilty last October to criminal charges in connection to stealing $5.3 million he received for 34 outstanding mortgage loans on properties in New Jersey, Pennsylvania, Maryland and Ohio.
Prosecutors say Macaluso got the funds as a settlement agent through his company, Affinity Title Agency. He admitted stealing the money between July 2010 and September 2012, and using the funds for personal use or for his company.
Macaluso has agreed to pay full restitution.
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