RIVERHEAD ATTORNEY ARRESTED FOR STEALING FROM PARTIES TO REAL ESTATE TRANSACTION

(SUFFOLK COUNTY, N.Y.) – Suffolk District Attorney Raymond A. Tierney today announced the arrest of Peter A. Saad, Jr., 46, of Calverton, who is charged with two counts of Grand Larceny in the Third Degree for allegedly stealing $25,000 from two parties to a real estate transaction. 

“The allegations against this defendant represent a betrayal of trust and of the fiduciary duty he owed to his client,” said District Attorney Tierney. “My office remains committed to prosecuting all manner of thefts, including those committed by lawyers.”

Saad, the principal attorney at the Law Offices of Peter A. Saad, Jr., P.C., based in Riverhead, is alleged to have stolen $25,000 from his attorney escrow account over a two-month period in 2020.

According to the investigation, it is alleged that Saad was hired in 2020 to represent a client in the sale of his home. During the real estate transaction, it was discovered that the home had permit issues that needed to be resolved, and which required money be left in escrow after the closing held on September 3, 2020. All parties to the sale agreed to keep $25,000 in Saad’s escrow account until the outstanding permit issues were resolved.

After the closing, Saad stopped responding to the parties, failed to return the escrow funds, and instead spent the money on his own personal expenses. Subsequently, it was determined that $5,000 was due to the purchasers of the home and the remaining $20,000 was due to the seller of the home, who was Saad’s client.

Saad has been suspended from the practice of law since June 3, 2022.

On December 13, 2023, Saad surrendered to the District Attorney’s office, and was arraigned before First District Court Judge, the Honorable Rosann Orlando for two counts of Grand Larceny in the Third Degree, Class D felonies. His offenses are considered non-bail eligible under New York State law, and therefore he was released on his own recognizance. His next court date is on January 2, 2024, and he is being represented by Gerard Donnelly, Esq.

If you believe you have been victimized by Peter A. Saad, Jr., please call the Suffolk County District Attorney’s Office at (631) 853-4626.      

This case is being prosecuted by Assistant District Attorney Amanda Scheier of the Public Corruption Bureau.

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Defendants are presumed innocent until proven guilty. No one is above the law.

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