Appellate Division, First Department at 27 Madison Ave. Photo: Ryland West/ALM Lawyer Censured for Failing to Maintain Master Escrow Account Ledger, Having $99K Shortfall, Though No Clients Affected
The business and real estate lawyer admitted to failing to maintain a master escrow account ledger at his law firm since its 2007 inception.
February 11, 2022 at 05:39 PM
5 minute read
A business and real estate lawyer has been publicly censured after failing to maintain a master escrow account ledger at his law firm since its 2007 inception, a deficiency that apparently helped lead to a temporary misappropriation of client funds and a $99,136 account shortfall, according to an appellate court disciplinary decision.
The shortfall, though, did not deprive any clients of funds, or cause a delay in clients receiving funds, according to the Appellate Division, First Department opinion, which recited facts stipulated to by both the censured lawyer, Ilya Novofastovsky, and the First Department attorney grievance committee.
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