Police said Patrick M. Reidy, 46, of 7 Erinn Court, Gansevoort, has taken in excess of $400,000 in proceeds from two different victims for the sale of real estate and the use of a home equity loan. Police wonder if there are more victims.
According to Sergeant John Catone of the Saratoga Springs Police Department, Reidy allegedly kept proceeds of several home sales for himself instead of using them to pay off outstanding mortgages or loans. The alleged incidents began in January.
Reidy owns and operates Excelsior Title at 353 Broadway in Saratoga Springs.
Reidy was arraigned by Saratoga County Court Judge Jerry Scarano and remanded to the Saratoga County jail in lieu of $75,000 cash bail or $150,000 bail bond. As of early Monday afternoon, he remained in the jail.
Police said that the investigation is continuing and asked anyone who believes they are a possible victim of Reidy or Excelsior Title to contact Investigator John Barney at 584-1800 x3524.
