A New York City attorney with a suspended license was indicted for collectively stealing more than $1 million from two borrowers at mortgage refinancings and from Dime Community Bank by writing bad checks.
According to the charges brought against him, Jose Polanco worked as a “bank closer” for a law firm based in the Jackson Heights section of Queens from January to March of this year. His duties included ensuring that documents were executed and checks properly distributed at borrowers’ loan closings.
However, Polanco allegedly issued insufficient funds checks for more than $400,000 in loan proceeds at two refinancing closings. One victim lost approximately $212,000 from a $300,000 mortgage refinancing, funds that were supposed to be paid to various creditors. Another victim lost approximately $193,000 on a mortgage refinancing. Both victims are liable for the original loan and the amount owed on the refinancing, and they are attempting to work out solutions with the lenders.
Polanco was arraigned on an indictment charging him with grand larceny in the first and second degrees, criminal possession of stolen property in the first and second degrees and scheme to defraud in the first degree. He returns to court on July 15 and faces up to 8.33 to 25 years in prison if convicted.
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