Southwest Exchange, Inc. and Qualified Exchange Services Escrow Fraud Class Action Filed

February 27 2007

A class action lawsuit has been filed against the financial company and an affiliated company for allegedly misappropriating, stealing, and embezzling more than $80 million from escrow accounts. The lawsuit was filed in Santa Barbara County Superior Court claiming Southwest Exchange and Qualified Exchange Services stole money from clients while acting as exchange agents for their trust accounts. Exchange intermediaries are largely unregulated and uninsured compared to banks and escrow companies.

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