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Friday, January 23, 2009

NY Lawyer Charged with Stealing $700,000.

Lawyer pleads not guilty to charges of stealing $700G
Real estate attorney pleads not guilty to grand larceny charges
Newsday by ERIK GERMAN - erik.german@newsday.com - January 22, 2009

East Meadow lawyer Frederic Powell was a real estate middle man who didn't just take a cut of the loans he brokered -- he sometimes pocketed the whole sum, Nassau prosecutors said Wednesday. Powell, 53, was charged with stealing $700,000 from two investors who'd made bridge loans -- money advanced to clients needing temporary cash as they arranged long-term mortgages. The terms of the loans -- one in 2006 and another in 2007 -- required the clients to make monthly interest payments through Powell, but prosecutors said he simply kept the cash rather than pass it back to the lenders. Prosecutors did not identify the victims. Powell pleaded not guilty to two counts of second-degree grand larceny in First District Court in Hempstead Wednesday and District Court Judge Robert Bruno ordered him released with no bail. If convicted, Powell faces a maximum of 5 to 15 years in prison. Powell's lawyer, Joseph Girardi of Syosset, said he was "completely confident Mr. Powell will be cleared of all charges." Girardi declined to discuss any details of a planned defense. In a statement, Nassau District Attorney Kathleen Rice accused Powell of "gross misconduct and unfathomable greed" and pledged to prosecute him aggressively.

Prosecutors said that, in February 2007, Powell brokered a $250,000 loan, promising to forward the borrower's monthly interest checks to the lender, followed by the fully repaid principle once the borrower obtained a new mortgage. After the payments became sporadic in 2008, the lender discovered the borrower had already repaid the loan to Powell, who simply kept it, prosecutors said. In 2006, a mother-and-son team of real estate investors fell victim to what prosecutors described as a similar scheme. Powell brokered the $450,000 loan for a client looking to expand his Manhattan business, prosecutors said. The mother and son put up half the cash and a third investor put up the other half. When payments became sporadic in early 2008, prosecutors said the third investor became anxious and the mother and son bought the man out. Soon after, the pair learned that the client had repaid the entire loan to Powell, who pocketed the money, prosecutors said.

6 comments:

Anonymous said...

First District Court in Hempstead is a JOKE....Boy, I've had my share of corruption in this COURT...Some of the Judge's in this Court are above and beyond corrupt..and untouchable..I filed a complaint with the CJC against Judge William O'Brien and that went into the trash..Watch out for Randy Sue Marber, she's another Judge that needs to be investigated.

Anonymous said...

This Lawyer needs to go to JAIL, and stripped of his law license..But beware, because he's in the First District Court, which I would consider a KANGAROO COURT..Let's see what magic string's this guy's lawyer can pull for him.

Anonymous said...

I am not surprised by this article..that's what Lawyers know how to do best...steal, steal and lie to their clients..Go Directly to Jail..you're nothing but a two bit crook, and a shyster.

Anonymous said...

A law license = a license to steal. Just remember to make your contributions!

attorney victim said...

all lawyers steal, some just steal more than others, this rat got nabbed, most of the lawyers get away with it because that are protected

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See Video of Senator John L. Sampson's 1st Hearing on Court 'Ethics' Corruption

The first hearing, held in Albany on June 8, 2009 hearing is on two videos:


               Video of 1st Hearing on Court 'Ethics' Corruption
               The June 8, 2009 hearing is on two videos:
         
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               CLICK HERE TO SEE Part 2