It seems like I’ve been on a bit of a roll today, highlighting many of the downsides of the real estate world. Sadly, there is just more bad news to tell you about.
Apparently an attorney in Westchester, New York was arraigned today for stealing almost $100,000 owed to her client, a homeowner that she represented in a foreclosure sale.
Last January, she allegedly received about $312,000 on behalf of the homeowner, then told the client that she deposited nearly $97,592 of that with the Westchester County Commissioner of Finance, saying it was “surplus” money remaining after payment of the outstanding mortgage, taxes and other expenses related to the foreclosure.
Rather than depositing the money, however, for personal and business expenses.
She was arrested today following an investigation by the District Attorney’s Public Integrity Bureau. She managed to pay the bail of $7,500 cash or $20,000 bond. She is due in Elmsford Town Court on Wednesday.
Not only are they sharks, but real estate lawyers are also finks, I guess.
Now . . . I could have told you that before all of this happened, couldn’t I?
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Article Author: Joshua DorkinJoshua has written 568 articles for us.
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Joshua Dorkin (@jrdorkin, Google+) is the founder and CEO of BiggerPockets.Mr. Dorkin's vision for BiggerPockets has helped to propel it into becoming one of the top real estate destinations online. His vision for the site and its future has brought national press attention to both Mr. Dorkin and to BiggerPockets.
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{ 8 comments… read them below or add one }
Another one that tells the story behind the story….
Hi there I am a new visitor/reader of your site.
It’s makes people feel bad or sad and angry when these kind of news shows up. At the same time these kinds of news alert people. Hey thank you for sharing and posting the information.
This goes to show you that you not only need to screen your rental applicants carefully, but you also need to screen your own team members carefully as well.
It’s a shame that people let greed keep them from seeing the big picture.
It is certainly a shame Jeff. Welcome to the site to all of you!
It’s a shame to hear this news. This isnt the only alleged incident. Check out the press releases on http://www.da.westchester.ny.us/. Another lawyer accused of the same thing.
Thanks for this blog. I also touched upon whether you can trust your closing agent who is trying to sell you title insurance while they make 80% margins on that, and they don’t disclose that.
Frank LL0SA- Broker Virginia
That is a shame, it just goes to show you can’t trust anyone these days and that you need to second guess everyone. Unfortunately.
Honestly, all this doesn’t suprise me anymore. These days you have to be careful who you hire. Get a real estate lawyer from a trusted firm and the likelihood that you will be scammed will be little to none.