A lawyer formerly based in Great Neck, N.Y., was arrested and indicted on a count of grand larceny on June 20 for allegedly stealing $30,000 from an escrow account involved in a real estate transaction that he was facilitating.
Marco Materassi, originally of Dania Beach, Fla., is charged with grand larceny in the third degree and faces up to seven years of prison time if convicted. The case is being presided over by Suffolk County Supreme Court Justice John Collins.
According to court filings, investigators allege that Materassi was hired in 2024 to represent a homeseller. On Jan. 26, 2024, a contract was entered into for the sale of the home, in which the buyer was required to make a $30,000 down payment. Both parties agreed the down payment would be kept in Materassi’s trust account until the closing date, at which time the down payment was to be received by the seller.
Prior to the closing, an issue arose, and the buyer and seller agreed to terminate the contract. The buyer was to receive his refunded down payment deposit of $30,000 from Materassi.
When the parties to the real estate transaction attempted to obtain the money, they contacted Materassi, who allegedly did not respond to either and failed to return the funds. An analysis of Materassi’s bank account allegedly revealed he spent the money on personal expenses and other expenses related to his firm and unrelated to the transaction.
The case is being prosecuted by Suffolk County Assistant District Attorney Tara O’Donnell of the Public Corruption Bureau, and the investigation was conducted by the Suffolk County Police Department’s Financial Crimes Unit.