Phoenix Title at 324 N. Main Street has closed leaving 50 to 60 people out of work. They were given pay checks on April 15th and told the office was closing. The bank has refused to honor the checks and the owner of the company, James Thurman, has not been located. A sister company, James Andrew GMAC Realty, with 10 offices and 375 agents also owned by Thurman, is closing as well. About $1 million is reported missing from the title company. The Missouri Division of Insurance and the U.S. Department of Housing and Urban Development are investigating.
Capital Title, located on West Clay, closed in January. Federal and State Investigators are checking into alleged embezzlement of funds from that business. More than $12 million is missing from Capital Title.
First Capitol News Photo by Tony Brockmeyer
