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FARMINGTON - The investigation into New Mexico Title Co. and New Mexico Title Escrow appears to be moving along as a judge in Santa Fe has set a court hearing for Monday to consider appointing a receiver to the escrow company.

The New Mexico Financial Institutions Division and Division of Insurance continue to look into the sudden closure of the title company, as does the Farmington Police Department.

No arrests have been made in the case.

"The state's still digging," said Chad Cox, owner of New Mexico Title Co., who is cooperating with the investigation.

The FID is investigating New Mexico Title Escrow Co., a company controlled by Golden Rule, an entity linked to local businessman Bobby Willis.

On Friday, Santa Fe District Court Judge Raymond Z. Ortiz extended a restraining order in the case until further notice. The order allows investigators access to documents, and prevents their destruction or removal.

Ortiz also set the Monday morning hearing to consider receivership.

In a parallel examination, the state Public Regulation Commission's Division of Insurance is investigating New Mexico Title Co., which is controlled by J.J. Bond Investments.

The businesses share a location, 650 W. Main St., Suite C.

The New Mexico Public Regulation Commission's Division of Insurance is planning to meet this week to discuss plans to possibly hold a hearing on the matter sometime in the near future, commission spokesman Arthur Bishop said.

The title company closed abruptly Jan.


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30, stunning customers, including homebuyers, sellers and real-estate agents, who had in some cases done business with New Mexico Title for decades. Employees were laid off, and the escrow side closed shortly thereafter.

Police previously said millions of dollars are believed to be missing. Customers have complained that they did not receive expected disbursements from escrow accounts, or that money deposited into escrow was not properly credited.

The closures quickly ballooned into a sprawling white-collar crime investigation.

An attorney for Willis, Michael Comeau of Santa Fe, did not return a message seeking comment.