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Friday, May 18, 2012

Ex-Cop and Lawyer Charged With Stealing Investor Funds

Lawyer, Ex-Cop Charged With Stealing Investor Funds
The New York Law Journal by Mark Hamblett  -  May 17, 2012

A New York lawyer and a former New York City police officer were charged yesterday with stealing $4.7 million in investor funds parked in escrow for a non-existent condominium development in the Dominican Republic. Edward Adams of Obermayer & Adams and James Monahan were charged with conspiracy to commit mail and wire fraud and substantive counts of mail fraud and wire fraud in a complaint unsealed in the Southern District. Adams, who made his initial court appearance yesterday, was released on $50,000 bond. He is represented by Bennett Epstein. According to the complaint, Adams was allegedly hired for $25,000 to be the escrow agent for funds that Monahan, chair and CEO of Panam Management Group Inc. in Manhattan, secured from a real estate investment company in Miami and Adams' firm acted as the signatory on a master agreement signed by the company and Monahan. When the Miami company began to express concerns about the account, Monahan allegedly forged a letter to give the impression that Panam had $100 million on hand at Bank of America.

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