A Floral Park real estate attorney who lives in Oyster Bay was sentenced to up to ten and a half years in prison after he had pleaded guilty to grand larceny and other charges for embezzling more than $1.7 million from the escrow accounts of 30 clients and then spending the money on adult entertainment, nightclubs, other personal expenses and to carry on his law practice, according to Nassau County District Attorney Anne Donnelly.
Terrance Dougherty pleaded guilty to 13 counts of grand larceny and one count of scheme to defraud in November. He was sentenced on Wednesday, Nov. 19, to 3 1/2 to 10 1/2 years in prison and the court issued civil judgment orders totaling $1,791,600 for 32 victims.
Donnelly said that Dougherty was a practicing real estate attorney with an office on Jericho Turnpike in Floral Park, representing clients in the sale and purchase of property.
Dougherty had maintained an attorney trust account in which he held client funds from various real estate transactions, including down payment funds and sale proceeds.
Between March 2021 and November 2024, Dougherty worked with at least 30 clients on real estate transactions, and according to the investigation, he withheld sale proceeds or down payment funds from those individuals.
Donnelly said many of the transactions were canceled because of the missing funds or closings occurred without Dougherty providing the necessary funds.
A review of Dougherty’s account showed that client funds consisting of $1,721,600 were deposited into the account between March 2021 and November 2024, and by Nov. 29, 2024, the balance was $5.35.
Records reviewed during the course of the investigation revealed that he withdrew funds from the attorney account through cash withdrawals, transfers to another business checking account he held and to various credit card accounts he had opened.
He was reported to the grievance committee for the 10th Judicial District on Aug. 30, 2024, the same month he ceased practicing from his Floral Park office, the DA said.
Terrance Dougherty threw his life and career away for a good time on his clients’ dime,” Donnelly said.
