Joseph J. Weisenfeld, a real estate attorney, was sentenced on December 15, 2008 by U.S. District Court Judge Alan Gold to 63 months in prison based, following his guilty plea to wire fraud charges. The charges stemmed from Weisenfeld’s misappropriation of more than $3 million in client funds purportedly held in escrow for authorized real estate transactions and related expenses. No fine was imposed, and a restitution hearing is scheduled for January 24, 2009 at 4:30 p.m.

According to the Information and statements made during the plea hearing, 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. In fact, however, Weisenfeld misappropriated the escrowed funds for his use and benefit. Over the course of the scheme, Weisenfeld misappropriated over $3 million in client funds from his attorney trust account.