The Real Deal New York

Luigi Rosabianca pleads guilty to grand larceny

Disbarred real estate attorney will serve four to 12 years in prison for stealing from clients

June 03, 2016 06:15PM
By Rey Mashayekhi

Luigi Rosabianca

Luigi Rosabianca (credit: Robert Caplin)

Disbarred real estate attorney Luigi Rosabianca pleaded guilty Friday to one count of first-degree grand larceny and six counts of second-degree grand larceny for stealing more than $4.4 million from former clients.

Rosabianca will receive a sentence of between four to 12 years in prison at a hearing scheduled for June 27.

The former high-flying attorney, who ran his own Manhattan law firm and also worked as a real estate broker who specialized in catering to foreign buyers, was arrested last October and has been held at Rikers Island since on a $4.5 million fully secured bond.

In addition to the one count of first-degree grand larceny and five counts of second-degree grand larceny that he faced on his initial indictment, Rosabianca also pleaded guilty to an additional second-degree grand larceny charge brought after the fact, via superior court information.

“Today Mr. Rosabianca took full responsibility for the unfortunate circumstances that led to his arrest and the harm he caused to his clients,” Robert Schalk, an attorney for Rosabianca, said in a statement.

“He entered into a plea agreement and signed confessions of judgment for each and every victim in this case and has every intention of paying back the monies lost,” Schalk added. “He is devastated at the harm he caused his clients as well as the harm he caused his co-workers, colleagues and family.”

A spokesperson for the Manhattan District Attorney’s office declined to comment.

At a February court appearance, Judge Maxwell Wiley said that the “best [sentence] I can offer” Rosabianca under the terms of a plea bargain would be four to 12 years in state prison, despite the Manhattan DA’s office recommending five to 15 years.

Prior to his arrest, Rosabianca was suspended from practicing law in March 2015 after the New York State Supreme Court’s Appellate Division found evidence that he had mishandled client escrow funds on deals he had helped broker.

That suspension eventually became a complete disbarment last July, when the court found Rosabianca continued to represent clients and accept payments following his suspension.

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