Insurance agent stole nearly $1 million

Used money to pay child support, pay for personal expenses

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Nassau County District Attorney Kathleen Rice announced on March 5 that a Rockville Centre man pleaded guilty for stealing nearly $1 million from two title insurance companies, a Great Neck couple and the New York State Department of Labor.

Gerard Timoney, 55, of Rockville Centre, pleaded guilty before Nassau County Court Judge Christopher Quinn to two counts of Grand Larceny in the 2nd Degree (a C felony) and two counts of Grand Larceny in the 3rd Degree (a D felony). Prosecutors are requesting a sentence of 3 to 9 years in prison. Timoney is due back in court for sentencing on April 4.

Timoney was initially arrested in September 2012 and charged with two counts of Grand Larceny in the 2nd Degree for stealing $870,000 meant for the recording of deeds and mortgages, and recording fees and taxes. He was arrested again on Feb. 6 and charged with two counts of Grand Larceny in the 3rd Degree for stealing $37,504 placed in trust on behalf of two homeowners to pay property taxes, and for receiving $33,615 in unemployment benefits based on knowingly incomplete and false testimony.

“Mr. Timoney repeatedly abused the trust, not only of homeowners and companies, but of taxpayers who pay for benefits meant for those who lost their jobs due to no fault of their own,” Rice said. “These homeowners could have had their homes sold out from under them, and insurance companies could have faced even more losses due to the fraudulent actions of a thief who brazenly took advantage of those unfortunate enough to do business with him.”

Rice said that Timoney, a policy issuing agent and the former owner of TitleGuard Land Services, Inc., formerly in Rockville Centre, was retained by Stewart Title Insurance Company and Commonwealth Land Title Insurance Company to issue title insurance policies in their names. A substantial part of TitleGuard’s business consisted of searching real estate titles, preparing certificates and reports of title, and appearing at real estate closings.

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