Florida Closing Attorney Cops Plea To Pocketing Almost $3M In Client Escrow Funds; Allegedly Took Money Intended To Satisfy Existing Mortgages

From the U.S. Attorney's Office for the Southern District of Florida:

• R. Alexander Acosta, United States Attorney for the Southern District of Florida, and Jonathan I. Solomon, Special Agent in Charge, Federal Bureau of Investigation, announced [last week] that defendant Joseph J. Weisenfeld, a local real estate attorney, pled guilty to a one-count Information charging him with wire fraud in connection with a scheme to misappropriate almost $3 million in client funds purportedly held in escrow for authorized real estate transactions and related expenses.

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• According to the Information, Weisenfeld, a licensed attorney, represented individuals and/or entities, mostly buyers, in real estate transactions. As the closing agent in many of these transactions, Weisenfeld would collect funds from buyers and lenders, and would represent to the parties engaged in the transaction that these funds were being held in escrow to be disbursed for various specified purposes, including the satisfaction of pre-existing mortgages. In fact, however, Weisenfeld misappropriated the escrowed funds for his use and benefit. Over the course of the scheme, Weisenfeld misappropriated almost $3 million in client funds from his attorney trust account.

For the U.S. Attorney's press release, see Attorney Pleads Guilty To Wire Fraud Charge.

For the original criminal charges filed in this prosecution, see Information - US v Weisenfeld.

Go here, Go here, and Go here for other stories of trust account / escrow account theft of funds. sneaky slick escrow agents gamma