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TRENTON, N.J. &#8212; The owner of a now-shuttered title company has pleaded guilty in the theft of $7.7 million entrusted to him as a settlement agent to pay off multiple mortgage loans.Robert Sebia, of Wilkes Barre, Pennsylvania, pleaded guilty Monday to misconduct by a corporate official and theft by failure to make required disposition of property received. Authorities will recommend that he receive an 11-year prison term when he&#8217;s sentenced Nov. 9.Between January and May of 2014, Sebia, 50, admitted that he failed to use funds entrusted to him as a settlement agent to pay off more than 28 outstanding mortgage loans on various properties.The unpaid balances totaled about $7.7 million, funds he diverted for his own use or the use of his firm.Sebia will have to pay restitution to the title insurance company that paid claims filed as a result of his thefts.Acting Attorney General John Hoffman said Sebia would use the proceeds from new mortgages and real estate closings to pay off older mortgages that he didn&#8217;t pay off as a result of previous thefts. He also diverted stolen funds to cover his firm&#8217;s large operating losses.Sebia also spent lavishly on business development for his firm, like throwing expensive parties for potential customers. He also used stolen funds to pay personal expenses, including travel, entertainment, luxury items and rent payments.<div class="metaInfo"><bylineMeta>The Associated Press</bylineMeta></div>

Area man pleads guilty in $7.7 million theft