Patrick Reidy, 46, Gansevoort, New York, a Saratoga Springs-based lawyer, was sentenced in Saratoga County Court to 5 to 15 years in state prison for a felony grand-larceny charge stemming from a mortgage fraud scam that took $2.37 million from unsuspecting clients. He was convicted in August 2010, after having pleaded guilty to the charges and agreeing to repay restitution over the next 10 years.
As sole operator of Excelsior Title founded in 2002 to provide title insurance and closing services statewide, Reidy used money meant to pay down mortgages and other loans to fund his own lavish lifestyle by making minimum payments instead of paying the debts back in full.
“It boggles the mind how a seemingly intelligent attorney thinks he could get away with this,” said Judge Jerry Scarano to Reidy during his sentencing.
According to Saratoga County District Attorney James A. Murphy III, Reidy had a home worth more than $600,000 in Wilton, New York, a BMW, a Lincoln and an interest in property in Tobago, in the Caribbean, Murphy said. He was disbarred following his conviction on October 28, 2010.