A Garden City real estate lawyer admitted Thursday to stealing more than $5 million from dozens of clients in dodgy real estate sales over the past four years, according to Nassau prosecutors.
The Nassau County District Attorney’s Office announced in a press release that Daniel Boldy, 49, has pleaded guilty to 13 counts of second-degree grand larceny and conspiracy to defraud and has agreed to have his law license revoked.
Prosecutors said Boldy, a Hofstra Law School graduate who admitted his law license in 2003, collected $5,780,424 from homeowners, real estate agents and other real estate sales professionals between September 2020 and January 2024. announced that it had been embezzled.
Under the plea agreement, Boldy will be forced to repay $1 million if he wants to receive a negotiated three- to nine-year prison term, the district attorney’s office said. Prosecutors say he could be jailed for up to 12 years if he does not come up with the cash by his April 17 sentencing date.
According to the district attorney, 40 clients who used his Boldy Law Group firm to buy and sell real estate lost $4,630,424 as a result of the scheme he admitted.
District Attorney Ann Donnelly said, “Daniel Boldy posed as a trusted expert in real estate transactions and conned an elaborate scheme to defraud approximately 40 prospective homeowners, real estate agents, and even volunteer emergency services out of more than $5 million. I organized a plan.” “Daniel Boldy’s guilty plea is a step toward financially restoring the lives of his victims, who were destroyed by his scheme.”
In one case, prosecutors said they lied about paying off the mortgage balance of an East Meadow couple who sold their home, forcing them to continue making payments on property they no longer owned.
In another scheme, prosecutors charged, he stole $1.15 million from individual investors using fake mortgage and closing records.
In a separate scheme, the defendants also provided fraudulent mortgage and title closing records to private lenders and committed $115 million through two separate loan thefts between September 8, 2020 and November 7, 2023. He embezzled millions of dollars.
Mr. Boldy’s attorney, Michael Franzese, said his client wants to repay the money he owes.
“Unfortunately, this stemmed from a series of poor decisions and real estate investments that were more volatile than he expected,” Michael Franzese said. “He’s going to try to make amends. He’s going to try to sell some properties to see if he can repay the money he owes.”
