Rhode Island Closing Attorney Disbarred For Pocketing $2.5M+ In Loan Proceeds From Real Estate Transactions; Matter Referred To Law Enforcement

In Providence, Rhode Island, The Providence Journal reports:

• A Cranston lawyer who handles real-estate closings has admitted to stealing more than $2.5 million from homeowners who were refinancing or buying new homes, the state’s chief disciplinary counsel said yesterday. The Rhode Island Supreme Court disbarred lawyer Pasquale A. Scavitti III on Wednesday, less than half an hour after his lawyer disclosed that Scavitti had stolen money from a total of 12 homeowners — in amounts ranging from $80,341 to $490,290, said David D. Curtin, the Supreme Court’s chief disciplinary counsel.

• Scavitti, 46, of Cranston, has not been charged with a crime, his lawyers said. But Curtin said he has contacted the state police and the attorney general’s office, providing them with a package of information about Scavitti.

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• The money came from 12 homeowners and involved 13 transactions, Curtin said. Most of those homeowners are Rhode Islanders, and most of the transactions involved mortgage refinancing, he said. Curtin declined to identify the homeowners, saying he had not contacted all of them yet.

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• Curtin urged “anyone else who may have been a victim of Mr. Scavitti” to call his office at (401) 222-3270. Also, he mentioned that the Rhode Island Bar Association has a fund to reimburse clients when lawyers have stolen from them.

For more, see Lawyer admits taking $2.5 million from clients.

Go here, Go here, and Go here for other stories of trust account / escrow account theft of funds.

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If a Rhode Island attorney, in the course of representing you, screws you out of money or property through dishonest conduct, go to the Rhode Island Bar Association Lawyer's Fund For Client Reimbursement for more information.

For other states and Canada, see:

• Directory Of Lawyers' Funds For Client Protection (American Bar Association);
• Check the USA Client Protection Funds Map;
• Check the Canada Client Protection Funds Map. sneaky slick escrow agents gamma