The Texas Department of Insurance ordered Millennium Title last week to close down, citing that the Southlake-based title company had less than $10,000 in reserve to pay over $100,000 in bills.
Millennium Title, a relatively new title company formed about a year ago, had offices in Addison, Dallas, Frisco, and Plano.
As part of the closure, employees were dismissed and state caretakers attempted to close property transactions.
Millennium’s closure coincided with a lawsuit filed Jan. 29 that accused company founder Nancy Carroll of allegedly absconding with the money of the company’s customers.
The lawsuit was filed in Tarrant County District Court by John Herlihy, who claimed that Carroll disappeared along with over $1 million of his funds that he had put in escrow.
Carroll’s current whereabouts are unknown; she had supposedly moved out of her home, according to one of her neighbors. She departed just days before the state takeover.
Texas Department of Insurance spokesman Jerry Hagins assured customers affected by the same problem that money in escrow worth $250,000 is insured. Once the company has been liquidated, those who have lost over $250,000 will be reimbursed.
