A Bergenfield lawyer was arrested on charges he used funds from a trust account for his own benefit.Bergen County Prosecutor John L. Molinelli said that Eugene N. Cavallo, 60, of Clyde Court, was charged on May 17 following an an investigation by members of the prosecutor’s office White Collar Crime Unit.
Molinelli said that members of that unit had received information from the New Jersey Lawyer’s Fund for Client Protection that a victim had filed a claim on Jan. 30, 2009, that Cavallo, while acting as the victim’s attorney, had taken approximately $456,793.67 from an attorney trust account that Cavallo had designated for the victim’s funds, and had used those funds for his own benefit.
Full Article and Source:
Bergenfield Lawyer Accused of Taking Client’s Money
6 comments:
What a surprise. Many times these attorneys in NJ are stealing from their clients and then putting all their assets in family members names so the funds can not be recouped.
An attorney Richard Pizzi (former Berkeley Heights municiple judge) did that according to people in the courts - he transferred his airplanes to his daughter, etc , he stole a lot of money from people and was sentenced to 8 years in prison but because of his connections to the prosecutors office, he did less than 6 months.
He stole out of people's trust funds and the prosecutor's office was asking the court to go easy on him. Attorney's should not have control of people's assets. The only reason they finally went after him is because he stole someone's real estate transaction money from selling their house.
We have that happen with another attorney in NJ when we refinanced and luckily the bank went after him since the check was sent to the attorney after we had ask for it to be sent directly to us.
Our track records with attorneys and client trust funds ........ very bad two for two stole.
Our track record with Guardianship bad very bad the courts do not follow the intent of the law ..... the goal today is to line attorney's pockets with money.
In reading the full article I see
"The suspect was arraigned on Tuesday, May 18, in Central Municipal Court where Judge Louis Dinice set his bail at $10,000, with no 10 percent option."
So... this lawyer stole nearly 1/2 a million dollars and his "get out of jail card" is for 10 thousand dollars.
Is there something wrong in this picture or is it me?
what the heck another lawyer who is a crook? just think about the ones who ain't caught and the others who beat the statute of limitations these people do not feel shame or remorse for what they did only feel bad cause they got nailed doing it
Another rotten attorney.
You're right on point, Holly!
Something is wrong with the system which the organized bar put in place to cover theft by lawyers.
It isn't working right. It's covering the theft; not preventing it!
IOLTA is not the problem; it's the failure to MONITOR transactions in those accounts. Should the banks have that responsibility? No.
CHANGE would require something more. It can be as simple as the lawyer not withdrawing funds without filing a simultaneous report with an agency to be created. Agency can be bar related, unless and until they FAIL, again, to control conversion by their own.
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