Disbarred Rhode Island Attorney Cops Plea To Stealing $2.5M+ In Clients' Sale/Refinancing Proceeds Intended To Satisfy Existing Liens

In Providence, Rhode Island, ABC6 reports:

• A disbarred Cranston attorney has pleaded guilty to stealing more than $2.5 million from clients who were refinancing or buying new homes. Pasquale Scavitti III, who handled real estate transactions, pleaded guilty Tuesday to wire fraud. He admitted using for personal expenses client money that was supposed to pay off existing mortgage loans. Prosecutors say he committed 13 fraudulent transactions between 2003 and 2008, resulting in total losses of more than $2.5 million. [...] He was disbarred by the Rhode Island Supreme Court in August.

Source: Cranston Man Pleads Guilty for $2.5M Worth of Real Estate Fraud.

For the U.S. Attorney press release, see Defendant pleads guilty to Wire Fraud relating to Mortgage Fraud Scheme.

Go here, Go here, Go here, Go here, and Go here for other stories of alleged trust account / escrow account theft of funds.

(1) If it hasn't already, the Rhode Island Bar Association Lawyer's Fund For Client Reimbursement may be footing the bill for some of the losses in this case. For those clients screwed out of their money and property by reason of the dishonest conduct of their attorneys and seek some reimbursement in other states and Canada, see:

• Directory Of Lawyers' Funds For Client Protection (American Bar Association);
• Check the USA Client Protection Funds Map;
• Check the Canada Client Protection Funds Map. EscrowRipOffKappa