Suffolk District Attorney Raymond A. Tierney announced Wednesday that Riverhead attorney Peter A. Saad Jr. was arrested on suspicion of stealing $25,000 from two parties to a real estate transaction.
Saad, 46, was charged with two counts of third-degree grand larceny. The Calverton resident is a principal attorney at the Law Offices of Peter A. Saad, Jr. in Riverhead.
District Attorney Tierney said, “The allegations against this defendant constitute a betrayal of trust and of his fiduciary duty to his client.” “My office remains committed to prosecuting all types of theft, including those committed by attorneys.”
This charge is from 2020.
According to the investigation, Saad was hired in 2020 to represent a client in the sale of a home. During the transaction, it was discovered that the home had permitting issues that needed to be resolved, requiring the funds to remain in escrow after the closing, which took place on September 3, 2020. It will be held in an escrow account until the outstanding permit issues are resolved,” a statement from Tierney’s office said.
However, after the closing, Mr. Saad stopped responding to all parties involved, did not return the escrow funds, and used the funds for personal expenses, Mr. Tierney’s office alleges.
An investigation revealed that the buyer owed $5,000 and the seller owed $20,000.
“Mr. Saad has been suspended from practicing law effective June 3, 2022,” Tierney’s statement said.
He appeared in the prosecutor’s office on Wednesday and was arraigned before First District Court Judge Rosann Orlando on the Class D felony charge.
Under New York state law, he was released on his own recognizance. He is scheduled to return to court on January 2, 2024.
His lawyer, Gerald Donnelly, could not be reached for comment.
Tierney’s office is asking anyone who may have been victimized by Saad to call the Suffolk County District Attorney’s Office at (631) 853-4626. Assistant District Attorney Amanda Scheyer of the Public Corruption Bureau is prosecuting the case.
According to information found online, the Law Office of Peter A. Saad, Jr. is a “full-service general law firm” with offices in both Nassau and Suffolk counties. Our firm specializes in criminal law, traffic law, personal injury, tax matters, zoning, land use, and more. Affiliate offices are located in New Jersey, Pennsylvania, Florida and Maryland.
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