Down on the island this morning viewing a few Broker open houses, but all the talk was about the closing of Coastal Escrow Services Inc. here in Vero Beach, with the big questions being “Where did all the money go”? Pretty much everyone’s worst nightmare when it comes to buying or selling a home, with property buyers and tenants along the Treasure Coast possibly out millions of dollars .
The unexpected closing impacts Realtors and their clients from Brevard County through St. Lucie County and possibly farther south, who trusted the firm and its owner, attorney Ira C. Hatch Jr., with their money.
The Vero Beach Police Department and the Florida Bar Association have launched separate investigations into Hatch’s financial dealings.
“We have subpoenas to obtain his financial records … that’s under way,” said Bar spokeswoman Francine Walker. She said the Bar, which licenses and regulates Florida attorneys, received a complaint about Hatch’s alleged misuse of trust funds and may ask the Florida Supreme Court to issue an emergency suspension of Hatch’s law license.
Hatch runs Coastal Escrow Services, Inc. and Coastal Title Services in Vero Beach and Port St. Lucie. Calls to Coastal Title Services were unanswered Wednesday.
Vero Beach police are investigating because Realtors complained that money kept by Hatch’s escrow business was not available at the time their sales were to close.
“Several local businesses and private residents have come forward by phone,” said John Morrison, a spokesman for the police department.
Indian River County residents Arthur and Patricia Clyde filed a police report Tuesday stating they lost $50,000 placed with Coastal Escrow Services to purchase a property in the county. The couple said that at a closing on Aug. 20, Hatch informed them the funds were and would continue to be unavailable.
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