RI lawyer pleads guilty to fraud

PROVIDENCE, R.I. (WPRI) - A Cranston real estate lawyer accused of defrauding clients out millions of dollars pleaded guilty to wire fraud charges in Federal Court Tuesday morning.

The money, which was wired into a client escrow account, was supposed to be used to pay clients' existing mortgages at the time of closing. However, Pasquale Scavitti, III admitted to using money from the account for personal and law office expenses.

According to the U.S. Attorney's Office, between 2003 and August 2008, Scavitti failed to pay off 13 mortgage loans and/or refinancings - resulting in losses of more than $2.5 million.

The court's chief disciplinary counsel, David Curtin, said it was the largest theft by a lawyer he'd ever seen.

Scavitti was disbarred in 2008. He was released on $50,000 unsecured bond. He could face a maximum prison sentence of 30 years and a fine of $1 million when he is sentenced September 24.