Suffolk District Attorney Raymond A. Tierney announced on April 17 that Peter A. Saad, Jr., 48, of Calverton, pleaded guilty to Grand Larceny in the Fourth Degree, for stealing $25,000 from an escrow account that was intended for two parties to a real estate transaction.
“When an attorney violates the sacred trust placed in them by their clients, they undermine the very foundation of our legal system,” said District Attorney Tierney. “The disbarment and guilty plea here demonstrate that no one is above the law, especially those who are entrusted to uphold it.”
According to court documents and the defendant’s admissions during his guilty plea allocution, in 2020, Saad was hired to represent a client in the sale of his home. At that time, Saad was the principal attorney at the Law Offices of Peter A. Saad, Jr., P.C., based in Riverhead. During the real estate transaction, it was discovered that the home had permit issues that needed to be resolved, and which required money be left in escrow after the closing held on September 3, 2020. All parties to the sale agreed to keep $25,000 in Saad’s escrow account until the outstanding permit issues were resolved.1
After the closing, Saad stopped responding to the parties, failed to return the $25,000 in escrow funds, and instead spent the money on his own personal expenses. Subsequently, it was determined that $5,000 was due to the purchasers of the home and the remaining $20,000 was due to the seller of the home, who was Saad’s client.
Saad was disbarred from practicing law in New York, effective January 31, 2024.
On April 16, 2025, Saad pleaded guilty to Grand Larceny in the Fourth Degree, a Class E felony, before Acting Supreme Court Justice Steven A. Pilewski. He was placed on probation and ordered to pay restitution and to complete 210 hours of community service. Saad is being represented by Christopher Gioe, Esq.
This case is being prosecuted by Assistant District Attorney Patrick Rooney of the Public Corruption Bureau.
