NY lawyer pleads guilty in real estate scheme

NY lawyer pleads guilty in real estate scheme; former police officer also awaits sentencing

Associated Press

NEW YORK (AP) -- Federal authorities say a New York lawyer has pleaded guilty in a real estate scheme.

A former NYPD sergeant pleaded guilty last month in the case.

U.S. Attorney Preet Bharara in Manhattan says attorney Edward Adams pleaded guilty Monday to conspiracy to commit wire fraud.

Authorities say the two men misappropriated millions of dollars in escrow funds. The real estate project in the Dominican Republic never developed and investors lost all their money.

Adams could get up to five years in prison and a $250,000 fine when he's sentenced on Oct. 18.

The former policeman, James Monahan, pleaded guilty on May 29.

Monahan was owner of a company called Panam Management Group, Inc.

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