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A disbarred attorney has been sentenced to 3-1/3 to 10 years in prison for stealing more than $4 million from several individuals and banks in a series of fraudulent real estate deals that fattened his wallet at the expense of his clients – including his own wife.
The attorney, James Kalpakis (pictured), previously pleaded guilty to Grand Larceny in the First Degree (a B felony) and Grand Larceny in the Second Degree (a C felony). A judge in Nassau County, New York, sentenced Kalpakis to his prison term, ordering restitution of $4,362,279.83.
Kalpakis’ defense attorney, James Toner, told the court, "I know Mr. Kalpakis is sorry" and that Kalpakis had "extreme remorse and regret."
Nassau County District Attorney Kathleen Rice said that Kalpakis, an attorney who was suspended from the practice of law in 2005 and disbarred upon his resignation in September 2009, stole over $4 million from five clients he represented in real estate deals between September 2008 and January 2011.
In September 2008, Kalpakis illegally obtained a 30-year, $1.1 million mortgage loan from a bank to refinance a mortgage on a home owned by his wife by submitting a forged power of attorney in her name, giving him authority to sign the mortgage in her absence. He received a check made payable to him in the amount of $402,152 at closing. The balance of the loan was used to pay off the existing mortgage, but Kalpakis stopped making payments on the loan in December 2009. His wife knew nothing about the loan.
According to prosecutors, other fraudulent dealings by Kalpakis include:
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