The Dr. Martin Luther King Jr. Building and U.S. Courthouse in Newark, New Jersey. Photo: Carmen Natale/ALM Lawyer Charged With Stealing $2 Million From Clients
Each count of wire fraud carries a maximum penalty of 20 years in prison and a fine not to exceed $250,000. Each count of aggravated identity theft carries a statutory mandatory penalty of two years in prison, which must run consecutively to any other term of imprisonment, and a fine not to exceed $250,000.
January 12, 2023 at 05:37 PM
2 minute read
Criminal Law
A Jersey City, New Jersey, lawyer has been charged with stealing $2 million from his clients, U.S. Attorney Philip Sellinger announced Thursday.
James R. Lisa, 67, was retained in 2014 to repatriate $6 million that clients kept in offshore bank accounts and to help resolve related tax issues, the U.S. Attorney's Office said. In 2015, he successfully repatriated more than $6 million, but in 2017 he returned $4 million to the clients, telling them that the remaining $2 million was beyond his control, the U.S. Attorney's Office said.
Federal authorities said Lisa falsely told the family that he successfully resolved the tax implications of repatriating the funds. In 2016, he sent the family a fraudulent Internal Revenue Service "closing agreement" reflecting an agreement with the IRS for the family to pay $3 million in taxes and penalties for the repatriated funds, according to court documents. In 2018, he sent the family another fraudulent closing agreement reflecting an agreement with the IRS for the family to pay $2 million in taxes because only $4 million was allegedly repatriated, according to court documents.
In fact, the IRS never entered into any such agreements, and the IRS employees who purportedly signed the documents, in fact, did not do so, according to court documents.
Each count of wire fraud carries a maximum penalty of 20 years in prison and a fine not to exceed $250,000.
Each count of aggravated identity theft carries a statutory mandatory penalty of two years in prison, which must run consecutively to any other term of imprisonment, and a fine not to exceed $250,000.
Lisa, a solo practitioner, has been charged with three counts of wire fraud and four counts of aggravated identity theft.
At his arraignment Thursday before U.S. Magistrate Judge José R. Almonte, Lisa pleaded not guilty, and was released on a $100,000 unsecured bond.
Lisa is represented by Peter Willis and Maximillian Novel, both solo criminal defense lawyers in Jersey City. They did not immediately respond to a request for comment about the case.
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