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Douglas Valente, age 56, was charged with two counts of second-degree grand larceny, Suffolk District Attorney Raymond Tierney said in an announcement on Monday, Nov. 14.
“This defendant allegedly breached his fiduciary duty to his clients by stealing money that was supposed to be held in trust in his attorney escrow account,” Tierney said. “As a result of an extensive investigation done by my office, the defendant will be held accountable for these deceitful actions.”
Valente is the principal attorney at Valente Law Group, which is based in Stony Brook, Tierney said.
The DA's Office said Valente is accused of stealing the funds from his attorney escrow account over a six-month period in 2020.
Investigators found that between April 14, 2020, and May 31, 2020, Valente stole $181,201.67 from a 78-year-old woman who he represented in the sale of her home, according to the report.
The proceeds of the sale were reportedly put into his escrow account.
According to the DA's Office, Valente was required to send half of the proceed's to his client and the other half to her matrimonial attorney to be held in escrow until the divorce was finalized.
"Although Valente did send half of the proceeds to his client, he allegedly failed to send the remaining half of the proceeds to her attorney in the matrimonial proceeding," the DA's Office said. "As a result, when his client’s divorce was finalized, she was unable to obtain the remaining proceeds from the sale of her house."
Valente also allegedly stole $248,027.84 from Guaranteed Rate Inc., a mortgage lender, from Sept. 28, 2020, through Oct. 13, 2020, while he was the organization's attorney and settlement agent in a refinance transaction, Tierney said.
The organization wired money to Valente's escrow account to be dispersed, and Valente was meant to send a portion of the proceeds of the refinanced mortgage to the prior mortgage company to pay off the existing mortgage, the DA's Office reported.
He allegedly did not do so, and the organization had to pay off the existing mortgage, Tierney said.
The DA's Office said Valente is accused of using the funds of both clients for his own personal and business expenses.
He surrendered to the DA’s Office on Monday morning and was arraigned, Tierney said.
Valente was ordered to surrender his passport and was released on his own recognizance, the DA's Office said.
He is scheduled to appear in court again on Wednesday, Dec. 14, Tierney said.
Tierney asked anyone who believes they have been victimized by Valente to call the Suffolk County District Attorney’s Office at 631-853-5602.
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