Clayton was sentenced to 12 years in prison and ordered to pay more than $7 million in restitution for operating a so-called “check-kiting” scheme to ultimately steal escrow funds from hundreds of individuals and businesses.
A routine audit by the agency's indicated that Clayton stole funds from 1995 to 2002, financing everything from trips Disney World, box seats to Bengals and Reds games, tickets to a professional golf tournament, gambling trips to Las Vegas, cruises and expensive cars, said the Ohio Department of Insurance.
"The sole purpose of Mr. Clayton's reprehensible conduct was to satisfy his greediness and to fund a lavish lifestyle," said Mary Jo Hudson, director of the insurance department. "His behavior ultimately cost numerous ordinary citizens their hard-earned money and dreams while also causing financial loss for many businesses."
Some of the Clayton’s victims have been made whole by several title insurance companies and banking institutions.
Starting in 2008, Ohio title agents are required to have an annual review of their escrow accounts by certified public accountants and report the results of that review, the department said.