Opinion ID: 2079181
Heading Depth: 3
Heading Rank: 1

Heading: pabl matter

Text: In October of 1978, James and Patricia DeLorenzo entered into a contract for construction and sale of a home with PABL. On October 10, 1978, pursuant to that contract, $10,990 was deposited with respondent to be held by him in escrow until closing. The money was deposited into respondent's trust account. Thirteen days later, respondent drew a check for $2,900 from these funds, made payable to himself. On October 25th, two days following the initial withdrawal, the balance of the DeLorenzo/PABL funds were withdrawn without authorization by means of a check for $8,000 made payable to James DeLorenzo. That check was endorsed by the respondent. Although DeLorenzo's name is written on the back of that check, he denies signing it, and nothing was presented to the Committee to indicate that DeLorenzo ever received those monies. In the spring of 1980, suit was instituted by DeLorenzo against PABL, its principals, and respondent to compel the return of the trust funds. In response, respondent filed an affidavit with the court asserting that the funds continued to be held in escrow in the form of a Certificate of Deposit with the Trust Company of New Jersey. When ordered by the Court to produce the funds, the respondent deposited a check in the amount of $10,990 with the Clerk of the Superior Court. However, these funds were not the escrow funds resulting from the PABL-DeLorenzo contract, which had already been disbursed by respondent to himself as described above. To the contrary, these funds were misappropriated from monies held by respondent for the Estate of Robert W. Matthewson, as detailed below.