Five Million Dollar Man
A convicted attorney has been disbarred by the New York Appellate Division for the Second Judicial Department.
The crimes were described in a press release of the Nassau County District Attorney
DA Donnelly said, between September 8, 2020, and January 17, 2024, the defendant, an attorney experienced in real estate transactions who owned and operated his law firm, Boldi Law Group, P.C., embezzled a total of $5,780,424 from 46 victims, ranging from individual homeowners, real estate agents, and other entities for whom he held money in escrow.
Boldi committed escrow thefts that totaled $4,630,424 from victims who worked with him on sales of their property or the purchasing of new property.
In one scheme, on October 31, 2023, a couple worked with Boldi on the closing of the sale of their home in East Meadow. The defendant acted as the settlement agent for the mortgage lender used in connection with the transaction.
Upon receipt of the loan funds from the home buyer’s mortgage company, the defendant was to distribute $309,367 to the couple’s mortgage lender to pay off the remainder of the mortgage on the East Meadow home.
The defendant falsely told the couple that the wire transfer from the buyer’s lender were not posted to his escrow account, and the funds were not available at the time of the closing. Based upon the defendant’s false representation that the funds were not posted yet, the parties agreed to a “dry closing,” and the deed to the home was held in escrow.
Days later, on November 2, 2023, the defendant provided the couple with a fraudulent copy of what he purported to be a wire request for the mortgage payoff amount, as proof that the funds were sent to the couple’s mortgage company. As a result, the deed was released, and the sale was completed. However, the wire transfer was never sent to the couple’s mortgage company.
The mortgage payoff funds were never provided to the lender, and the couple has been forced to continue making mortgage payments on a home they no longer own.
In another scheme, the defendant also provided a private lender with a fraudulent mortgage and title closing records, embezzling $1.15 million through two separate loan thefts between September 8, 2020, and November 7, 2023.
According to bank records, Boldi used the funds he stole on various personal expenses unrelated to the victims’ transactions, including Venmo payments to other individuals and property investments.
(Mike Frisch)