February 16, 2018 |
An 81-year-old former attorney pleaded guilty to grand larceny and scheme to defraud on Thursday in the Manhattan Supreme Court, according to a NY Daily News report. Paul Karan, a now disbarred attorney, stole roughly $2.6 million from his clients’ trusts and estates from April 2005 and August 2016.
Karan stole the money from the families he worked for during an 11 year period. He used that money to fund his lifestyle. The money went toward his mortgage payments but also to pay his country club fees, to dine out in New York, and vacations in Europe, according to prosecutors. The money came from two estates and ten trusts that Karan was either the executor or trustee over.
He is scheduled for sentencing on March 22 where he could get between two and six years in prison.
According to Bar Complaint, Karan was admitted to the bar in 1961. His most recent position was with Spizz Cohen & Serchuk were he was a partner. He was criminally indicted in August after an investigation by the office of Manhattan District Attorney Cyrus Vance Jr. He faced 13 counts at the time, 12 for grand larceny and one count of scheme to defraud in the first degree.