Sept. 7 Sentencing Set for Underwood

Billy Craig Underwood, the former president and owner of American Title & Escrow Inc. in Rogers, has a new sentencing date, now set for Sept. 7.

Underwood, you may remember, was indicted last November for defrauding lenders and homeowners on 11 mortgages valued at about $2.3 million. Basically, checks that were intended to pay off first and second liens were shown at closing, but the funds were never issued for payment. Underwood retained the funds from nine lenders, and funneled the money into one of three business accounts.

The Arkansas Insurance Department issued an emergency license suspension order against the company in October, effectively shutting the business down.

We like to point out that Underwood is not the same Craig Underwood who is part owner of Underwood’s Jewelers and the Underwood Plaza condos in Fayetteville.