By AP/KWMU
St. Louis, MO – The former owner of Capital Title Company was sentenced Thursday to more than four years in prison for raiding money from escrow funds. Peter Shaw, of Foristell, must also pay back three million dollars.
He pleaded guilty in September to three charges, including mail fraud.
Capital Title went out of business in January and faced a shortage of millions of dollars in escrow funds. It also put a number of pending home sales in limbo.
Shaw was president of Capital Title Company and Capital Disbursing Company. Both are based out of the same St. Louis office, with 13 branch offices throughout the metro area.