A Suffolk County, N.Y., attorney was arrested on charges of grand larceny for allegedly stealing funds from two parties to a real estate transaction.
“The allegations against this defendant represent a betrayal of trust and of the fiduciary duty he owed to his client,” Suffolk County District Attorney Raymond Tierney said. “My office remains committed to prosecuting all manner of thefts, including those committed by lawyers.”
Peter Saad, the principal attorney at the Law Offices of Peter A. Saad, Jr., P.C., based in Riverhead, N.Y., is alleged to have stolen $25,000 from his attorney escrow account over a two-month period in 2020.
According to the investigation, Saad was hired in 2020 to represent a client in the sale of his home. During the real estate transaction, it was discovered that the home had permit issues that needed to be resolved, and which required money be left in escrow after the closing held on Sept. 3, 2020. All parties to the sale agreed to keep $25,000 in Saad’s escrow account until the outstanding permit issues were resolved.
After the closing, Saad allegedly stopped responding to the parties, failed to return the escrow funds, and instead spent the money on his own personal expenses. Subsequently, it was determined that $5,000 was due to the purchasers of the home and the remaining $20,000 was due to the seller of the home, who was Saad’s client.
Saad has been suspended from the practice of law since June 3, 2022.
On Dec. 13, 2023, Saad surrendered to the district attorney’s office and was arraigned before First District Court Judge Rosann Orlando for two counts of grand larceny in the third degree, class D felonies. His offenses are considered non-bail eligible under New York State law, and therefore he was released on his own recognizance. His next court date is on Jan. 2, 2024, and he is being represented by Gerard Donnelly, Esq.