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Attorney Arraigned for Theft of Borrower Closing Funds - New York

Friday, October 22 2004 03:23
Attorney Arraigned for Theft of Borrower Closing Funds - New York
Lawyer OD can't stop fraud rap

Jay Rosen, 61, Garden City, New York was arraigned on October 18, 2004 on three counts of grand larceny stemming from allegations that he lifted over a million dollars in funds from his clients' escrow and operating accounts. Rosen was in the hospital recovering from a drug overdose and was arraigned while handcuffed to his hospital bed. It is alleged that Rosen would secure powers of attorney from his clients and then represent them at their house closings so they wouldn't have to be there. He would then make excuses for delays in remitting funds. In one case, he is accused of stealing a $73,000 down payment that a Woodmere man deposited to purchase a new house. The money was to remain in escrow until the mortgage was finalized but was instead diverted.

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Rachel Dollar Rachel Dollar, the editor of Mortgage Fraud Blog is an attorney and Certified Mortgage Banker who handles litigation for lending institutions and secondary market investors.
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