Tami L. Demers, 41, of Stillwater, was arrested by State Police in Clifton Park on Wednesday, Dec. 1, and charged with three counts of grand larceny in the second degree, a felony, according to police reports.
Demers was the owner of Johns and Lee Real Estate Services, Inc. which was located at 1520 Crescent Road in the Town of Halfmoon and was a title insurance company which, among other things, handled mortgage closings. Police reports explain that Johns and Lee Real Estate Services was responsible for, and entrusted with, serving as a caretaker of money in mortgage refinances. Once the closings were completed, Johns and Lee Services was to pay off the original mortgage with the money it had been entrusted with from the new mortgage company.
The State Police investigation revealed that Demers stole money from various mortgage closings totaling $520,066.85. In three instances, the original mortgages were not paid off leaving the victims with two mortgages for the same property, according to police reports.
Demers was remanded to the Saratoga County Jail without bail and is scheduled to appear in court on January 12, 2011.
The State Police are requesting that anyone who recently refinanced their mortgage with Johns and Lee Real Estate Services to contact their original mortgage company to ensure that the mortgage has been paid off. If their original mortgage has not been paid off they are encouraged to contact Investigator Kevin Noto at 383-8583."