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TRENTON
– Attorney General Anne Milgram and
Criminal Justice Director Deborah L. Gramiccioni
announced that a Lyndhurst lawyer pleaded
guilty today to stealing approximately $4
million entrusted to him for real estate
closings, which he used to gamble in Atlantic
City.
According
to Director Gramiccioni, Michael P. Rumore,
50, who ran his law practice from the basement
of his Lyndhurst home, pleaded guilty before
Superior Court Judge Harry G. Carroll in
Bergen County to first-degree money laundering
and second-degree theft by failure to make
required disposition of property received.
Those charges were contained in an accusation
filed by the Division of Criminal Justice
Major Crimes Bureau.
Under
the plea agreement, the state will recommend
that Rumore be sentenced to 15 years in
state prison. He must sign a consent judgment
to pay full restitution to the victims,
which are various title insurance companies.
Judge Carroll scheduled Rumore’s sentencing
for April 17.
“This
defendant betrayed the oath he took as an
attorney, exploiting his position as a fiduciary
by stealing approximately $4 million entrusted
to him for various real estate closings,”
said Attorney General Milgram.
Rumore
was hired as an attorney and settlement
agent for real estate purchasers. Between
April 16, 2007 and August 13, 2008, he received
approximately $4 million into his attorney
trust account from various mortgage companies.
He had a duty to disburse the funds for
closings and use them to pay balances on
existing mortgages and other associated
costs and fees. In pleading guilty, Rumore
admitted that he instead transferred the
funds into his personal and business accounts
and used them to gamble at casinos in Atlantic
City, primarily on slot machines.
Based
on his conduct, Rumore surrendered his license
to practice law in the state on Sept. 4
and was disbarred by the Office of Attorney
Ethics on Sept. 11. Attorney General Milgram
thanked the Office of Attorney Ethics within
the New Jersey Judiciary for its assistance
in the case.
Detective
John Neggia conducted the investigation
for the Division of Criminal Justice Major
Crimes Bureau. Deputy Attorney General Francine
Ehrenberg prosecuted the case and took today’s
guilty plea.
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