WESTCHESTER COUNTY, N.Y. - A former Scarsdale attorney that bilked his real estate clients out of more than $1 million has been has been sentenced to time behind bars in state prison.
On Wednesday, acting Westchester County Attorney James McCarty announced that Michael Lippman, 71 has been sentenced to between two and six years in prison after pleading guilty to felony charges of grand larceny, criminal tax fraud and scheme to defraud.
In addition to his jail time, Lippman must also pay $1,487,661 in restitution to his 13 victims and $172,000 to the New York State Department of Taxation and Finance.
According to McCarty, between Jan. 1 2010 and Tuesday, Sept. 15 of this year, Lippman, a licensed attorney, “engaged in a scheme in which he deliberately defrauded multiple clients of monies entrusted to him for various purposes, including the transfer of real estate and estate planning.”
McCarty detailed several instances where Lippman stole hundreds of thousands of dollars from clients that were intended to close on the purchase of a property. He also stole cash earmarked for a mortgage payment to forestall a foreclosure auction on the property.
The investigation was carried out over several weeks last year by officials in the District Attorney’s office, with an assist from the New York State Department of Taxation and Finance.