TRENTON
– Attorney General Anne Milgram announced
that a Lyndhurst lawyer was sentenced today
for stealing approximately $4 million entrusted
to him for real estate closings, which he
used to gamble in Atlantic City.
According
to Criminal Justice Director Deborah L. Gramiccioni,
Michael P. Rumore, 50, who ran his law practice
from the basement of his Lyndhurst home, was
ordered to serve 15 years in state prison
and to pay $6,263,989 in restitution by Superior
Court Judge Harry G. Carroll in Bergen County.
Rumore pleaded guilty on Jan. 2 to first-degree
money laundering and second-degree theft by
failure to make required disposition of property
received.
“Rather
than upholding the law and the interests of
his clients, as he was sworn to do as an attorney,
this defendant stole $4 million in real estate
closing funds which he used to gamble,”
said Attorney General Milgram. “We will
continue to aggressively prosecute white collar
crime.”
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.
Deputy
Attorney General Francine Ehrenberg prosecuted
the case and handled the sentencing hearing
for the Division of Criminal Justice Major
Crimes Bureau. Detective John Neggia conducted
the investigation for the Major Crimes Bureau.
Based
on his conduct, Rumore surrendered his license
to practice law in the state and was disbarred
by the Office of Attorney Ethics in September
2008. Attorney General Milgram thanked the
Office of Attorney Ethics of the New Jersey
Judiciary for its assistance in the case.
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