Once Disbarred for Insider Trading, Lawyer Loses License Again
A lawyer who was disbarred for insider trading while working at the firm now known as Kramer Levin Naftalis & Frankel has lost his law license a second time.
Israel Grossman was disbarred the second time for disclosure failures in his successful application for reinstatement to the bar in 2003, the New York Law Journal reports.
In an opinion last week, a New York appeals court said Grossman had been convicted of mail fraud and securities fraud but he denied having any serious convictions when he applied for licenses to sell insurance and stock. Then Grossman failed to disclose that he was being investigated for making the false statements in the application to get his law license reinstated.
“Under these circumstances, disbarment is the appropriate sanction, as respondent has engaged in a pervasive pattern of affirmative misrepresentations and failed to fully accept responsibility for his serious misconduct,” the opinion said.
