Former Lawyer Pleads Guilty to Stealing over $1 Million from Clients
A former lawyer pled guilty in Westchester County Court for stealing over a $1 million from his real estate clients.
71-year-old Michael Lippman, of Scarsdale, pled guilty to felony charges of 2nd-degree grand larceny, 2nd-degree criminal tax fraud and scheme to defraud.
According to the Westchester County District Attorney’s Office, between Jan, 1, 2010 and Sept., 15, 2015, Lippman engaged in a scheme where he defrauded multiple clients of money entrusted to him for various purposes including the transfer of real estate and estate planning. At the time Lippman was a licensed attorney in New York State.
In one example, Lippman allegedly stole around $431,300 from a client intended to complete the purchase of a property. In another instance he is alleged to have stolen $159,431.95 from another client that was intended to pay off the client’s mortgage to forestall a foreclosure action on that client's property.
In all, Lippman is accused of stealing $1,487,461.61 from 13 clients. He is also accused of not paying taxes in New York of over $50,000.
Lippman remains out on a bail of $50,000. He is scheduled to be sentenced on June 8, 2016.He faces a maximum sentence of fifteen years in state prison.