When a bankruptcy is filed, the creditor who has been defrauded
has a very short period of time to consult with an experienced
and competent bankruptcy attorney, in order to file a "523A"
complaint, i.e., complaint to determine dischargability of debt. 
Common law fraud is one ground, i.e., "promise without intent to
perform."
One can also seek relief from the Bankruptcy Stay in order to
pursue common law and statutory fraud claims in state court.  
I find it hard to believe that someone can lose six figures and
not even consult a bankruptcy attorney to go after the funds that
were laundered into the "shell" company.
Most often, these "bustout operators" omit relevant facts, debts,
assets, and preferential transfers (made within 90 days of filing
the petition for bankruptcy) from their Petition.  That alone,
can get a discharge denied.
A wise vendor, before giving six figures of credit to an unknown
customer, would run at least a TRW/Equifax on the principals, and
better yet, run a $500 D&B Report on the potential scammer.
I hate to pillory the victim here, but there is no excuse for
being burned like this.
Escrowed funds are escrowed funds, and I note that an escrow was
not used.
Not even a voucher sytem was used, which is very common in the
construction loan industry.
Forewarned is forearmed.
One cannot be "conned" unless one helps "conn" oneself.

You guys dont hold your breath for resolutions.  The government,
the legal system, and especially laywers have one agenda, to make
as much as possible with little to no work.

I have an Sales Employee who contacted my client, got my customer
to write me a check, they took the check to their bank and
deposited it.

So, they took a check made payable to my company, deposited it in
a different bank, under a different name.  

The legal system advises me to sue, which I have done, sue the
bank and sue the past employee, but this is FRAUD, the legal
system decided not to file criminal charges.  Why, it was too
much paperwork for them.

I hope the FBI and the Local Police act on fraud, however, don't
hold your breath.  Even when things are black/white criminal,
they still will not left a pen to help.

If the guy was in Jail, I would have been paid by now; the suit
will cost me $7k plus and still no guarantees on getting paid.

The check was for $24k, thus a felony.	But, nobody went to jail.
 The check was not made payable to the person who cashed it, yet
even the FDIC says, too bad so sad.

The Bank supervisors stated they did wrong, but sue them if I
didnt like it.

Good Luck