By: Richard L. Smith
According to Monmouth County Prosecutor Raymond S. Santiago, a local real estate attorney has admitted to stealing nearly $1.18 million from 60 clients.
The attorney, Steven H. Salami, 49, of Hazlet, pleaded guilty to second-degree Financial Facilitation of Criminal Activity during a hearing held before Monmouth County Superior Court Judge Christie Bevacqua.
The investigation, conducted by the Monmouth County Prosecutor’s Office (MCPO) Financial Crimes and Special Prosecutions Unit, initially focused on four victims defrauded out of nearly $300,000 between April and August of 2019.
Salami, acting as a real estate attorney, accepted funds from clients for real estate transactions, placing the money in escrow, but failed to complete the transactions.
As a result, victims experienced missed closing dates and voided transactions.
Salami was arrested in August 2019, and the investigation later uncovered many more victims, leading to a 63-count indictment in July 2021.
The case had been delayed until November 2023, when the Superior Court Appellate Division restored two counts of the indictment that had been dismissed by a lower court.
Salami is scheduled to be sentenced on January 17, 2025. Prosecutors are expected to seek a 10-year state prison term, along with restitution payments to the New Jersey Lawyers Fund for Client Protection, which reimbursed the victims.