CAMDEN, N.J. (AP) - A former attorney who stole millions of dollars from his clients has been sentenced to 18 years in prison and must pay $11.7 million in restitution.
Michael Kwasnik, 51, specialized in estate and financial planning. Federal prosecutors say he would open irrevocable family trusts to hold clients’ money and would offer them a chance to earn interest on their funds.
Between 2008 and 2011, Kwasnik embezzled more than $13.2 million from clients through a scheme where he would have them transfer funds into the trusts. Kwasnik would then quickly move money from the trust accounts into bank accounts he controlled, using the money for personal expenses and paying for other companies he controlled.
Kwasnik pleaded guilty to money laundering charges stemming from the scheme. He was sentenced on Friday.
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