NY Real Estate Lawyer Accused of Pocketing $500K

A New York real estate lawyer pleaded not guilty today to two counts of second-degree grand larceny for allegedly pocketing nearly $500,000 in payments while serving as a middleman in two investment schemes.

Frederic Powell, 53, of East Meadow is accused of having failed to pass along to private investors a $250,000 full repayment of a short-term loan made to one of his clients and a $225,000 full repayment by a client of another short-term loan, writes Newsday. The latter transaction reportedly involved a total bridge loan of $450,000, toward which the investors provided $225,000.

He was released on his own recognizance.

"I am confident that Mr. Powell will be cleared of all charges," his lawyer, Joseph Girardi of North Valley Stream, tells the newspaper.

Headline updated at 6 p.m. to reflect total amount of money allegedly paid to Powell but repaid by him to investors, as described in Newsday article.