A Manhattan lawyer has pleaded guilty to stealing more than $10 million from his clients.
Douglas Arntsen once worked for Crowell & Moring LLP.
According to the Wall Street Journal, prosecutors say he stole several million dollars from an escrow fund owned by investment fund Doina Capital LLC in 2009. They say the following year he stole more than $7 million from Regal Real Estate LLC. Prosecutors say Arntsen fled to Hong Kong after a Regal employee confronted him about the missing money last year.
He’s been extradited to the United States.
His lawyer couldn’t immediately be reached for comment.
Arntsen was ordered to pay $9.8 million to his former firm and $967,000 to Doina Capital.
He pleaded guilty to grand larceny and scheme to defraud.