Hazlet Real Estate Lawyer Admits To Stealing Over $1M From Clients

HAZLET, NJ — A local real estate attorney has admitted to stealing nearly $1.18 million from 60 of his clients, Monmouth County Prosecutor Raymond Santiago said.

Steven Salami, 49, of Hazlet, pleaded guilty to financial facilitation of criminal activity during a hearing on Tuesday before Monmouth County Superior Court Judge Christie Bevacqua.

The initial investigation into Salami’s activities focused on four victims who were defrauded of nearly $300,000 from April through August 2019, Santiago said.

In his role as an attorney, prosecutors said Salami took funds from victims for real estate transactions and failed to do the work he was paid for.

The funds, which were supposed to be placed in escrow, were never returned to victims, resulting in missed closing dates, nullified transactions, and other issues, prosecutors said.

Following Salami's arrest in August 2019, the investigation continued and uncovered dozens of additional victims. This led to a 63-count indictment being returned by a Monmouth County grand jury in July 2021.

According to the appeals court, the indictment consisted of 58 counts of third-degree misapplication of entrusted property, two counts of second-degree misapplication of entrusted property, one count of theft by failure to make required disposition of property, and two counts of financial facilitation of criminal activity.

A lower court granted Salami’s motion to dismiss the two counts of financial facilitation, but the prosecutor’s office appealed the decision in January 2023.

After the Superior Court Appellate Division granted the state’s appeal to restore both counts, the case resumed in November 2023.

"Because we are convinced the State presented sufficient evidence before the grand jury to support the charges of financial facilitation . . . we reverse the dismissal of those counts of the indictment and remand for their reinstatement," the Appellate Court said in its Nov. 27 ruling.

Salami’s sentencing has been scheduled for January 17, 2025.

According to prosecutors, the state intends to recommend a term of 10 years in state prison, plus payment of restitution to the New Jersey Lawyers Fund for Client Protection, which reimbursed the victims.

The Monmouth County Prosecutor’s Office Financial Crimes and Special Protections Unit led the investigation into Salami’s activities.

Related:

• Ruling Puts Hazlet Lawyer Accused Of Escrow Theft Back In Court