70-Year-Old Scarsdale Attorney Accused of Stealing $1.5 Million from Clients: District Attorney

Scarsdale attorney Michael Lippman, 70, is alleged to have stolen nearly $1.5 million from more than a dozen of his real estate and estate planning clients, Westchester County District Attorney Janet DiFiore announced.

Lippman was arraigned Friday on a Felony Complaint charging him with:

• two counts of Grand Larceny in the Second Degree, class “C” Felonies,
• one count of Criminal Tax Fraud in the Second Degree, a class “C” Felony
• one count of Scheme To Defraud in the First Degree, a class “E” Felony.

“As alleged in the Complaint, the defendant took advantage of people who turned to him for his legal expertise and guidance only to become victims of his greed,” said DiFiore in a statement. “He violated the oath he took as an attorney when he used client funds and properties entrusted to him and used them for his own personal use.”

According to DiFiore:

Between January, 2010, and mid-September of this year, Lippman ”engaged in a scheme in which he deliberately defrauded multiple clients of monies entrusted to him” for various purposes, such as to buy or payoff properties or plan estates.

“In one instance the defendant is alleged to have stolen approximately $159,431.95 from a client. That money was intended to pay off a mortgage to forestall a foreclosure action on that client’s property,” according to DiFiore. “In another instance, the defendant is alleged to have stolen approximately $431,300.00 from another client intended to complete the purchase of a property.”

In all, Lippman is accused of defrauding 13 clients out of approximately $1,487,461.61.

Additionally, Lippman also is accused of non-payment of $132,411 in New York State Taxes.

The investigation was carried out by members of the District Attorney’s office, with assistance from the state’s Department of Taxation and Finance.

Lippman’s bail was set at $50,000, and his next court date is Dec. 15. He faces a maximum sentence of 15 years in state prison.

Assistant District Attorney Brian Conway, Deputy Chief of the Public Integrity Bureau is prosecuting the case.

Photo: Michael Lippman. Photo credit: Westchester County District Attorney’s office