Man Responsible for Collapse of Webb County Title Company Pleads Guilty
Written by admin, Jan 8, 2010, 0 Comments
Courtesy Monica Garcia,
Assistant District Attorney Rick Lopez negotiated a plea agreement with Edward Hinojosa, the former comptroller for Webb County Title and Abstract Company. With his guilty plea, Hinojosa admitted responsibility for bringing down an institution that had been a part of this community for nearly forty years and left thirty people unemployed. The plea agreement was formalized today in the 341st District Court before the Honorable Judge Elma Salinas Ender. Hinojosa pled guilty to Theft, Forgery and Misapplication of Fiduciary Property and will be sentenced to prison for twelve years.
Edward Hinojosa had been entrusted to serve as the comptroller for Webb County Title and Abstract Company. Documentary evidence proved Hinojosa stole over half a million dollars from the title company and attempted to steal more than a million dollars before having been caught.
As part of his duties, Hinojosa was responsible for withholding ten percent of the proceeds from a sale when a foreign national was the seller. The U.S. Government requires that in transactions involving capital gains where a foreign national is involved, a specified percentage of money should be withheld and submitted to the IRS. After a legally specified period of time, foreign sellers may submit a claim to the IRS to have that money returned to them. According to FBI interviews of the defendant, Hinojosa believed that Mexican Nationals rarely made claims to have their monies returned, so he had those checks re-written to himself. He admitted to having done that approximately seven to eight times.
The following is evidence presented to the Grand Jury, for which Hinojosa was indicted and subsequently plead guilty:
- Hinojosa forged signatures on Webb County Title and Abstract Company checks that were made out in his own name. Two forged checks that were presented to the Grand Jury and were included in the indictment totaled $70,000 and $76,000.
- A third forged check that was presented to the Grand Jury was made out to Clover Development in the amount of $1,257,212.21. Clover Development is a partnership in which Hinojosa is an owner.
- Finally, a money wire transaction in the amount of $198,722.91 was presented to the Grand Jury. According to FBI interview, Hinojosa used that money to fund a project with Mary Help of Christians School and to purchase a home at 7632 RW Emerson Loop in Laredo, Texas.
Assistant District Attorney Rick Lopez reports that Hinojosa will be formally sentenced to serve twelve years in prison on January 21, 2010. Lopez stated, “Hinojosa’s greed murdered a corporation and caused thirty individuals to lose their jobs and livelihood. With this sentence, he is being held accountable for the harm he caused his victims and this community.”
Hinojosa was remanded to the custody of the Webb County Sheriff’s Department and taken to the county jail where he awaits sentencing.
