Indiana University broadcaster and former Hoosiers basketball player Todd Leary has been arrested in connection with a multimillion-dollar real estate title scheme.I can't say I'm surprised. Eighteen months or so I talked to a client who told me she had closed her loan in the back of the van with Todd Leary in a parking lot. I believe Leary had a mortgage brokerage business but was, obviously, working very closely with the title insurance agent. When she explained to me how the closing worked, I told her the transaction did not appear to be legit and the handling of the escrow money by the title company was very fishy to say the least. As I recall, I reported the matter to an investigator at the Title Insurance Division at the Indiana Department of Insurance. I used to head up the division.
Records show that the 39-year-old Leary was being held Friday in the Monroe County Jail in Bloomington on charges out of Allen County.
The Journal Gazette of Fort Wayne reports that Leary faces 17 felony charges, including conspiracy to misappropriate title insurance escrow funds. The newspaper reports court documents say Leary once worked for a title insurance broker who has pleaded guilty to several charges in a $2.7 million scheme.
Leary was a star at Lawrence North and played for the Hoosiers in 1989-94, including their 1992 NCAA Final Four team. Leary is the color analyst for IU's radio broadcasts.
It couldn't immediately be determined whether Leary had an attorney.
Update: I just found out from my client that Leary, allegedly, walked away with $10,000 cash from her transaction (which didn't show on the settlement statement). The client also said she later learned Leary's wife was in title on the house because she was an "investor." These events all happened in Marion County, where certainly a large number of Leary's loans closed. Yet what did our Prosecutor Carl Brizzi ever do about the Leary real estate fraud allegations in Marion County? If your guess is absolutely nothing, you'd be correct. For eight years, Prosecutor Brizzi has steadfastly ignored white collar crime and the victims of those crimes.