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James "Jim" J. Vassallo Jr., 55, of Voorhees, New Jersey, was arrested for misappropriating funds while handling a Downingtown, Pennsylvania, home purchase in early 2023, the Chester County District Attorney’s Office said. Despite having his Pennsylvania law license suspended since August 2018, Vassallo allegedly continued to act as an attorney, taking money from his clients under false pretenses.
The victims wired funds to Vassallo for settlement costs, including fees, taxes, deed recording, and title insurance, but he never paid for them, the DA explained. When the victims later contacted the Chester County Recorder of Deeds Office in May 2023, they discovered the deed had never been recorded. Further investigation revealed that the title insurance policy Vassallo provided was fraudulent, and he had pocketed the money.
Vassallo has been charged with five counts of theft by failure to make required disposition of funds, six counts of theft by deception, and other related offenses.
He turned himself in to District Court on Jan. 22, 2025, and was arraigned before Magisterial District Judge Erin Bruno, who set an unsecured bail of $50,000. His preliminary hearing is scheduled for Feb. 28, 2025.
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