Disbarred South Florida Title Attorney Gets 70 Months For Looting $2.7M From Escrow Account; Cash Intended To Pay Off Mortgages In R/E Closings

The South Florida Sun Sentinel reports:

• Disbarred Boca Raton attorney James B. Hayes was sentenced Friday to 70 months in federal prison for stealing clients' funds. Hayes, who pled guilty in September to making false statements on residential real estate settlement documents, was also ordered to pay more than $2.7 million in resititution.

• According to a release from U.S. Attorney Wilfredo Ferrer, Hayes, 57, a title attorney, withheld funds from clients and mortgage lenders during real estate transactions. The money was supposed to be used to pay off loans and cover transaction costs. The Florida Bar suspended his license to practice law last spring, but it found Hayes continued to practice law until he was permanently disbarred in August.

Source: Boca Raton attorney who stole $2.7 million from clients' funds jailed 70 months.

For the U.S. Attorney (Miami, Florida) press release, see Title Lawyer Sentenced For Stealing Trust Funds (Among those ccoperating in the investigation were The Florida Bar and title insurance companies Attorneys Title, Old Republic and Chicago Title).