Posted Dec 13, 2012 05:47 pm CST
A former real estate partner of an unidentified law firm in Freehold, N.J., pleaded guilty to wire fraud in federal court in Trenton on Wednesday, admitting that he embezzled $885,000 from its attorney trust and business accounts between 2004 and 2011.
Timothy Provost, 57, wrote checks from the firm’s business and attorney trust accounts to himself and his personal creditors. He used the money for personal expenses including a mortgage on his home, tuition for his children and horse stable expenses, according to a FBI press release.
Because he handled real estate closings, Provost had access to the firm’s accounts. His embezzlement left several clients with double mortgages, but insurance covered their losses, the release says.
He is scheduled to be sentenced in March.