Arnzen & Wentz, LPA
Arnzen, Wentz, Molloy, Laber & Storm, P.S. C Allowed mortgage proceeds to be misappropriated and did not provide post closing title search. Lost over $25,000 in this fraud

In October I purchased a home from Erpenbeck & Kennedy Builders. I financed the purchase of my home through First Equity Mortgage, commonly owned by Drees Builders. First Equity chose Arnzen & Wentz as the closing company. At my closing, Arnzen & Wentz allowed the Erpenbeck & Kennedy Builders representative to carry away the construction loan pay off rather than sending the payoff via courier, as is common practice.

Two years later I learned that my home, and 250 others, were saddled with the construction loans that were never released. The Erpenbeck & Kennedy representative, Michelle Marksberry, took my mortgage loan proceeds back to her employer and the funds were deposited to the builder's account at Peoples Bank of Northern Kentucky.

Since finding out about this fraud, I have learned that Arnzen & Wentz closed another home purchase for Erpenbeck & Kennedy Builders in 1999 and US Bank (f/k/a Firstar Bank) caught the builder depositing a check payable to them (the construction loan holder) into the builder's account at Peoples Bank of Kentucky.US Bank states that they took measures to ensure such a fraud would not continue, including making the accountholder, Arnzen & Wentz, aware of the misappropriation.

One year later, at the closing of my loan, Arnzen & Wentz again released the construction loan payoff check to the representative of Erpenbeck & Kennedy Builders. No suprise, Erpenbeck & Kennedy deposited the check intended to remove the construction lien on my home to their own corporate account.

In after learning of my title problem, I phoned Arnzen & Wentz and spoke to partner Jeff Arnzen and told him that I needed to be able to sell my home due to unexpected expenses. I asked him to expedite the clearing of my title and he assured me this would be done immediately. I lost my home in foreclosure while waiting for clear title even though I had three separate buyers for my home. I could not sell it because I could not offer clear title.

Arnzen & Wentz attorneys, specifically Beverly Storm, lied to the court and told the presiding judge that her firm did not have a conflict of interest in representing the bank, People Bank of Northern Kentucky, in the claims that homeowners had against the bank. This bank was responsible for allowing Erpenbeck & Kennedy to deposit checks not made payable to them for at least three years, totaling over $30,000, 000. Ms. Storm told the court that my loan, the only loan Arnzen & Wentz closed that did not have clear title, had been resolved when it fact it had not.

I have subsequently learned that Jeff and Mark Arnzen and the other partners of that firm-

- represented several of the owners of Erpenbeck & Kennedy Builders in a class action suit prior to my closing in which those owners lost millions of dollars in a fraud and knew of the financial troubles of the business owners.

-Mark Arnzen was on the Board of Directors of Peoples Bank of Northern Kentucky. He and other Board Members had significant interest in propping up the failing Erpenbeck & Kennedy Builders because they were the largest client of the bank and the bank had made many millions of dollars in loans to the company, beyond the FDIC limits.

-Arnzen & Wentz had the ability to expedite my clear title but would have been required to put up their share of the loss from this crime sooner because they were the closing company involved. Other victims of this fraud had their titles cleared much sooner, some at Arnzen & Wentz's assistance, because they needed to sell their homes.

-I had a professional relationship with Arnzen & Wentz as a Pension Consultant and worked with them on mutual clients. I spoke to them throughout the years this fraud was perpetrated and they never showed remorse and advised me that I should speak to the class action attorneys to expedite my clear title.

I am forced now to sue First Equity Mortgage for my losses because they were the company that contractually agreed to loan me money (the mortgage) in exchange for ensuring I would receive clear title. Unfortatenly, First Equity Mortgage is owned by Ralph Drees who holds political office in Kenton County Kentucky and owns the largest home building company in this region, Drees Homes. My law suit will be heard in a Kenton County Court and expert witnesses include realtors beholden to Mr. Drees and First Equity Mortgage. Is there any question whether I will have an impartial trial?

I lost over $25,000 in this fraud while Arnzen & Wentz, First Equity Mortgage and the attorneys request and receive continuances. The federal government had ceased prosecuting the crooks that allowed this fraud to happen.

Company: Arnzen & Wentz, LPA
Country: USA
State: Kentucky
City: Covington
Address: 600 Greenup Street, Covington, KY 41011
Phone: 8594316100

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