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Old Westbury Ex-Attorney Accused of Stealing $4M
A disbarred attorney from Old Westbury has been accused of stealing more than $4 million from clients—including his wife—and banks he represented in real estate deals in recent years.
James Kalpakis was indicted on charges of grand larceny, criminal possession of a forged instrument and offering a false instrument for filing. He was initially arrested on similar charges in January 2011.
Nassau County prosecutors said the 52-year-old, who was disbarred in 2009, stole $4.3 million from five clients he represented in real estate deals between September 2008 and January 2011.
He allegedly stole a $1.1-million mortgage on a home owned by his wife in 2008, $100,000 from a client between 2008 and 2009 and $45,000 from another client in 2010.
Authorities also alleged he stole $1.3 million from someone he sold two homes to using forged deeds and then stole another $500,000 from the same victim in an investment scheme.
He’s additionally accused of stealing a $750,000 mortgage from a private investment firm, $150,000 from another real estate client in a deal with fake documents and $80,000 from another victim using three separate alleged scams.
Judge Philip Grella released Kalpakis on his original bail of $50,000 bond or $25,000 cash. He is due back in court June 4.
Prosecutors are continuing the investigation. They said additional charges may be filed.