Boca Raton real estate lawyer admits to raiding trust funds
By Palm Beach Business.com
FORT LAUDERDALE — A Boca Raton real estate lawyer has pleaded guilty to pocketing more than $2.7 million in clients’ money held in trust by his law firm, in federal district court.
James B. Hayes, 57, admitted to making false statements on real estate settlement forms to cover up the crime, and faces as much as 10 years in prison for his crimes. Federal Judge James Cohn is to sentence Hayes on Dec. 3.
According to court documents, Hayes practiced law during 2007 through 2009 handling real estate closings at his firm, James B. Hayes P.A. in Boca Raton. Hayes misappropriated more than $2.7 million held for clients’ in the firm’s trust account. A portion of the money was to be used be used to pay off outstanding loans.
To cover up the crime, Hayes falsified real estate settlement forms that said the old loans had been paid off.
As part of a plea deal, Hayes agreed to repay the money he stole. Hayes was permanently disbarred by the Florida Supreme Court on August 24, and in the plea deal he agreed to never reapply or seek admission as an attorney in any state.
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