FREEHOLD – A local real-estate attorney who stole nearly $1.18 million from a total of 60 clients has admitted guilt, Monmouth County Prosecutor Raymond S. Santiago announced Wednesday.
During a hearing held yesterday before Monmouth County Superior Court Judge Christie Bevacqua, 49-year-old Steven H. Salami of Hazlet pleaded guilty to a charge of second-degree Financial Facilitation of Criminal Activity.
The initial investigation into Salami’s activities, conducted by the MCPO Financial Crimes and Special Prosecutions Unit, focused on four victims defrauded out of nearly $300,000 from April through August of 2019. In his capacity as an attorney, the investigation showed, Salami accepted funds from each victim for various real-estate transactions, putting the money in escrow, but failed to do the work for which he was paid. These actions resulted in missed closing dates and nullified transactions for the victims, among other issues.
Following Salami’s August 2019 arrest, the investigation continued, uncovering dozens of additional victims and leading to a 63-count indictment being returned by a Monmouth County Grand Jury in July 2021. The case was then put on hiatus until the Superior Court Appellate Division in November 2023 granted the State’s appeal to restore two counts of the indictment that had been previously dismissed by a lower court.
Sentencing in the case has been tentatively scheduled for Friday, January 17, 2025, at which time the State intends to recommend a term of 10 years in state prison, plus payment of restitution to the New Jersey Lawyers Fund for Client Protection, which had reimbursed the victims.
This case is being prosecuted by Assistant Prosecutor Lawrence Nelsen, Director of the MCPO Financial Crimes and Special Prosecutions Unit. Salami is being represented by Steven E. Nelson, Esq., with an office in Neptune.
