Former LI Attorney Stole $25K From Escrow Account: DA

RIVERHEAD, NY — A former Riverhead attorney pleaded guilty Wednesday to stealing from clients involved in a real estate transaction, Suffolk County District Attorney Ray Tierney said.

Peter A. Saad, Jr., 48, of Calverton, pleaded guilty to fourth-degree grand larceny after stealing $25,000 from an escrow account that was intended for two parties engaged in the transaction.

According to court documents and the defendant’s admissions during his guilty plea allocution, in 2020, Saad was hired to represent a client in the sale of his home. At that time, Saad was the principal attorney at the Law Offices of Peter A. Saad, Jr., P.C., based in Riverhead, the DA said.

During the real estate transaction, it was discovered that the home had permit issues that needed to be resolved, and which required that money be left in escrow after the closing held on September 3, 2020, Tierney said. All parties to the sale agreed to keep $25,000 in Saad’s escrow account until the outstanding permit issues were resolved, the DA said.

After the closing, Saad stopped responding to the parties, failed to return the $25,000 in escrow

funds, and instead spent the money on his own personal expenses, Tierney said. Subsequently, it was determined that $5,000 was due to the purchasers of the home and the remaining $20,000 was due to the seller of the home, who was Saad’s client, Tierney said.

Saad was disbarred from practicing law in New York, effective January 31, 2024, the DA said.

On April 16, Saad pleaded guilty to fourth-degree grand larceny, a Class E felony, before Acting Supreme Court Justice Steven Pilewski, the DA said. He was placed on probation and ordered to pay restitution and to complete 210 hours of community service, Tierney said.

Saad is being represented by Christopher Gioe, who did not immediately return a request for comment.

"When an attorney violates the sacred trust placed in them by their clients, they undermine the very foundation of our legal system," said Tierney. "The disbarment and guilty plea here demonstrate that no one is above the law, especially those who are entrusted to uphold it."