Posted at: 08/24/2009 2:01 PM
Updated at: 08/24/2009 5:46 PM
By: DREW KERR
The Post-Star

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Lawyer charged with bilking clients

BALLSTON SPA – A Saratoga Springs attorney is facing a pair of felony grand larceny charges after police say he stole more than $400,000 that clients gave him to pay off their mortgages.

Patrick M. Reidy, 47, of 7 Erinn Court, Gansevoort, was arraigned on two separate counts of second-degree grand larceny this morning in Saratoga County Court, where Judge Jerry Scarano acted as a City Court judge.

Prosecutors say Reidy, who has offices at 353 Broadway, took checks for $136,000 and $272,000 earlier this year that clients had given him to cover costs associated with real estate transactions he was assisting them with.

The checks had not been made out to Reidy, but were written in such a way that allowed him to cash them for himself, Saratoga County Assistant District Attorney Karen Heggen said. She would not say what the money was used for.

Reidy pleaded not guilty to the charges, and was remanded to the Saratoga County Jail in lieu of $75,000 cash bail or $150,000 bond.

His attorney, Mike Koenig, said after the brief hearing that it was a "very difficult day" for his client, a father of three who has lived in the area for the last 10 years.

He would not respond to the allegations made against Reidy, however.

"We will respond to the charges at the appropriate time, which is not now, and in the appropriate forum, which is not here," Koenig said.

Reidy, dressed in a brown suit, also would not comment as he was led from the courtroom and placed in a Saratoga Springs police cruiser.

Reidy has been in practice since 2002, according to his Web site, and was the sole practitioner at his firm, Excelsior Title.

Koenig said during the court hearing that Reidy is presently "winding down" his practice and that he is trying to ensure an "orderly transfer" for the remainder of his clients.

First contacted on Aug. 17 about the possibility of charges, Reidy has forfeited his passport and is willing to sign a waiver of extradition to help ensure he will not flee the area. He owns land in Tobego, prosecutors said.

Heggen, of the district attorney’s office, described Reidy’s ability to pay restitution was "minimal at best," but said her goal is to get the victims repaid.

"It’ll be something I work on very diligently," she said. "It’s a lot of money."

Police said the investigation remains ongoing.

This story originally appeared on PostStar.com.