Sabatine Keeps Law License After Ponzi SchemeDecember 13, 2015 – In The News
Abraham C. Reich was mentioned in the Morning Call article, “Sabatine Keeps Law License After Ponzi Scheme.” Full text can be found in the December 13, 2015, issue, but a synopsis is below.
A wind gap attorney will face disciplinary actions due to ethical issues related to a Ponzi scheme that caused investors to lose millions of dollars. He is expected to receive a “public reprimand” from the board but will not lose his ability to practice law.
Fox Rothschild’s Co-Chair of the Firm Abe Reich, said Sabatine's punishment is at the low end of the scale. Conviction of a felony such as tax evasion can result in the suspension or loss of a lawyer's license.
The reprimand amounts to a verbal warning of misconduct, Reich said, although it could be considered in any future action against Sabatine if he is called before the disciplinary board again.
"Accepting responsibility and reporting the crimes to the government are all mitigating factors," Reich said.
This article was also featured in the December 13, 2015, issue, of InsuranceNewsNet.