Florida Real Estate Attorney Sentenced

U.S. District Court Judge Alan Gold sentenced real estate attorney Joseph J. Weisenfeld to 63 months in prison following his guilty plea to charges stemming from Weisenfeld's misappropriation of more than $3 million in client funds purportedly held in escrow for authorized real estate transactions and related expenses. According to R. Alexander Acosta, U.S. attorney for the Southern District of Florida, Weisenfeld, a licensed attorney, represented individuals and/or entities (mostly buyers) in real estate transactions. As the closing agent in many of these transactions, Weisenfeld would collect funds from buyers and lenders, and would represent to the parties engaged in the transaction that these funds were being held in escrow to be disbursed for various specified purposes, including the satisfaction of pre-existing mortgages. However, he misappropriated the escrowed funds for his use and benefit. Over the course of the scheme, Weisenfeld misappropriated more than $3 million in client funds from his attorney trust account. No fine was imposed and a restitution hearing is scheduled for Jan. 24, 2009.