An attorney who used to practice in Stony Brook has been sentenced from one and one-third to four years in prison for for stealing more than $800,000 from three former clients by taking their money from his escrow account.
From April 14, 2020, to May 31, 2020, Valente, the former principal attorney at the Valente Law Group based in Stony Brook, stole proceeds from the sale of his elderly client’s home in the amount $181,201. The proceeds of the sale were put into Valente’s escrow account. Valente was required to send half of the proceeds to his client and the other half was to be sent to her matrimonial attorney to be held in escrow until her divorce was finalized.
Although Valente did send half of the proceeds to his client, he failed to send the remaining half of the proceeds to her matrimonial attorney. As a result, when his client’s divorce was finalized, she was unable to obtain the remaining proceeds from the sale of her home.
In addition, from September 28, 2020, through October 13, 2020, Valente stole $248,027 from Guaranteed Rate Inc., a mortgage lender. Valente represented the mortgage lender as their attorney and settlement agent in a refinance transaction. Guaranteed Rate Inc. wired money to Valente’s escrow account to be dispersed in the transaction. Valente then failed to send a portion of the money of the refinanced mortgage to the prior mortgage company.
Lastly, between May 14, 2021, through September 30, 2022, Valente stole nearly $400,000 from a client who had sold a home during a pending divorce proceeding. Valente was to hold the proceeds of the sale in his escrow account to be dispersed when the divorce was finalized. Instead, Valente used the funds for business and personal expenses.
On May 18, 2022, the New York Grievance Committee for the Tenth Judicial District disbarred Valente, making him ineligible to practice law in New York State.
On December 6, 2023, Valente, of Florida, pleaded guilty to three counts of second-degree grand larceny, all Class C felonies, before Supreme Court Justice Richard Ambro. On August 22, 2024, Ambro sentenced Valente to one and one-third to four years in prison. Justice Ambro also signed Restitution Judgement Orders totaling $826,525 on behalf of Guaranteed Rate Inc. and The Lawyers’ Fund for Client Protection, who reimbursed two of the victims.
“An attorney’s duty is to protect their clients’ interests, not exploit them for personal gain,” said Suffolk County District Attorney Ray Tierney. “We will not tolerate crime committed with a law degree any more than we would when committed by violence or deception. This office remains committed to vigorously prosecuting any individual who abuses their position of trust, regardless of their status or profession.”