South Florida Feds Pinch Paralegal For Allegedly Looting $3.78 Million From Law Firm's Trust Account; Cash Meant For Real Estate Transactions, Loan Payoffs, Etc.; Suspect Continued To Make Lulling Payments To Banks In Attempt To Conceal Ripoff

In Fort Lauderdale, Florida, the South Florida Sun Sentinel reports:

• A paralegal pleaded not guilty Wednesday to allegations that he stole more than $3.78 million from client trust accounts at the Hollywood law firm where he worked, court records show.
  
  Steven Sacks, 57, was released on bond after pleading not guilty to four counts of wire fraud in federal court in Fort Lauderdale.
  
  Sacks used his position at the Gilbert & Caddy law firm to embezzle from clients whose money was kept in the firm's trust accounts to pay for mortgages and other real estate transactions, according to a charging document filed by prosecutors.
  
  Sacks set up a corporation in Nevada and diverted clients' money to a related bank account between 2011 and March of this year, according to the charges. Prosecutors wrote that Sacks continued to make mortgage payments for some clients to conceal the missing funds but investigators gave no other information about what happened to the rest of the money.
  
  Efforts to contact Sacks' lawyer late Wednesday were unsuccessful. If convicted, Sacks faces up to 20 years in prison and a $250,000 fine on each of the four charges.

Source: Broward paralegal stole $3.78M from clients, feds say (Paralegal set up Vegas corporation, stole millions from South Florida law firm clients, feds say).