An attorney with a practice in Riverhead has been arrested for stealing from his attorney escrow account that was being held for two parties in a real estate transaction.
Peter A. Saad, Jr., 46, of Calverton, the principal attorney at the Law Offices of Peter A. Saad, Jr., P.C., is alleged to have stolen $25,000 from his attorney escrow account over a two-month period in 2020. He was hired that year to represent a client in the sale of his home. During the real estate transaction, it was discovered that the home had permit issues that needed to be resolved, and which required money be left in escrow after the closing held on September 3, 2020. All parties to the sale agreed to keep $25,000 in Saad’s escrow account until the outstanding permit issues were resolved.
After the closing, Saad stopped responding to the parties, failed to return the escrow funds, and instead spent the money on his own personal expenses. Subsequently, it was determined that $5,000 was due to the purchasers of the home and the remaining $20,000 was due to the seller of the home, who was Saad’s client.
Saad has been suspended from the practice of law since June 3, 2022.
On December 13, 2023, Saad surrendered to the District Attorney’s office, and was arraigned before First District Court Judge Rosann Orlando for two counts of third-degree grand larceny, both Class D felonies. His offenses are not considered bail eligible under New York State law, and therefore he was released on his own recognizance. His next court date is on January 2, 2024.
“The allegations against this defendant represent a betrayal of trust and of the fiduciary duty he owed to his client,” said Suffolk County District Attorney Ray Tierney. “My office remains committed to prosecuting all manner of thefts, including those committed by lawyers.”
Anyone who believes that they have been victimized by Mr. Saad can call the Suffolk County District Attorney’s Office at (631) 853-4626.