The owner of the real estate title company pleaded guilty to the theft in August.
TRENTON -- The owner of a title company who this summer admitted to stealing millions of dollars turned over to him as a settlement agent to pay off mortgage loans has been sentenced to 11 years in prison, state authorities said.
Robert Sebia, 50, of Wilkes Barre, Pa., was sentenced on Monday to 11 years in prison, state authorities said. (NJ Attorney General's Office) Robert M. Sebia, 50, who owned and operated the now-closed Crystal Title Agency, LLC, of Woodbridge, pleaded guilty in August to pocketing $7.7 million for himself or his company, rather than applying that money toward more than two dozen mortgages.
Sebia, of Wilkes Barre, Pa., was sentenced on Monday, according to the state Attorney General's office.
Between January and May of 2014, Sebia diverted $7.7 million he was supposed to use to pay off more than 28 outstanding mortgage loans, state authorities said.
Sebia put proceeds from new mortgages and real estate closings toward older mortgages he had not paid off because of previous thefts, according to a release from the prosecutor's office. He also used stolen funds to cover his firm's large operating losses and to "pay extravagant personal expenses, including travel, entertainment, luxury items and rent payments," the release said.
N.J. title company owner admits stealing $7.7M from clients
"Sebia spent far beyond his means in both his professional life and his personal life, covering his extravagant expenses by crookedly stealing millions from clients," said Acting Attorney General John Hoffman in a statement. "He was a thief in a business suit - a very prolific thief - and it has earned him a very lengthy prison sentence."
Sebia received six years on a second-degree charge of theft by failure to make required disposition of property received and five years for a second-degree charge of misconduct by a corporate official, authorities said. The sentences will run consecutively.
Sebia also surrendered his New Jersey insurance license, officials said, and will have to pay $7.7 million to First American Title Insurance Company.
The title insurance company, which reported Sebia's scheme to the state Department of Banking and Insurance, was responsible for paying the claims filed because of the thefts, officials said.
Erin O'Neill may be reached at eoneill@njadvancemedia.com. Follow her on Twitter @LedgerErin. Find NJ.com on Facebook.
