A Virginia man has admitted to orchestrating a complex title fraud scheme involving a $1.3 million home in Roanoke County. Prosecutors say Herman Estes attempted to acquire the property using fabricated financial documents, including a fraudulent proof of funds letter and a counterfeit cashier’s check supposedly drawn on the Federal Reserve Bank of Richmond. Estes also involved a co-conspirator who posed as his “trust manager” to validate the legitimacy of his offer, misleading real estate agents and settlement officials.
The scheme unraveled after the settlement company discovered the cashier’s check was fake, though not before $1.3 million was temporarily debited from its trust account. Further investigation revealed Estes had also filed false tax returns in 2021 and 2023, fraudulently claiming multimillion-dollar refunds. He pleaded guilty to wire fraud, mail fraud, bank fraud, and filing false claims against the U.S. government. Estes now faces decades in prison, restitution, and financial penalties at sentencing, underscoring the dangers of fraudulent property and financial schemes in Virginia.
This story was first reported by WRE News
