NEW YORK - MARTIN WEISBERG, a former corporate partner in the New York office of an international law firm, has been indicted on federal wire fraud and money laundering charges. The charges are based on WEISBERG’s alleged theft of money from an escrow account established on behalf of one of his clients for which WEISBERG served as escrow agent. WEISBERG will be arraigned later today before United States Magistrate Judge Robert M. Levy at the U.S. Courthouse, 225 Cadman Plaza East, Brooklyn, New York.
The charges were announced by Benton J. Campbell, United States Attorney for the Eastern District of New York, and Mark J. Mershon, Assistant Director-in-Charge of the Federal Bureau of Investigation, New York Field Division.
The indictment alleges that WEISBERG assisted a corporate client establish a $30 million escrow account and advised the client that the account could not earn interest for the client’s benefit. In fact, WEISBERG caused the $30 million to be placed into an interest-bearing account. Between August 2007 and October 2007, the account earned approximately $1.6 million in interest, and WEISBERG caused approximately $1.3 million to be wired out of the account without the client’s knowledge. WEISBERG allegedly concealed the fraud by telling the client that the bank did not produce monthly account statements, and instead, WEISBERG sent letters to the client with false account balances.
The charges were announced by Benton J. Campbell, United States Attorney for the Eastern District of New York, and Mark J. Mershon, Assistant Director-in-Charge of the Federal Bureau of Investigation, New York Field Division.
The indictment alleges that WEISBERG assisted a corporate client establish a $30 million escrow account and advised the client that the account could not earn interest for the client’s benefit. In fact, WEISBERG caused the $30 million to be placed into an interest-bearing account. Between August 2007 and October 2007, the account earned approximately $1.6 million in interest, and WEISBERG caused approximately $1.3 million to be wired out of the account without the client’s knowledge. WEISBERG allegedly concealed the fraud by telling the client that the bank did not produce monthly account statements, and instead, WEISBERG sent letters to the client with false account balances.
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