According to the statement issued by the U.S. District Attorney's office, Provost admitted that he had wrongfully written checks to himself and his personal creditors from the firm's attorney trust and business accounts. The acts occurred between April 2004 and Jan 2011.
According to court documents, Provost's embezzlement left several clients with double mortgages, which were later covered by insurance.
In total, Provost stole more than $885,000 misusing his access to the bank accounts of the law firm. Provost had access to the law firm accounts for conducting real estate transactions for his clients, which included refinancing, and mortgage deals.
The U.S. District Attorney's office said that the mail fraud count to which Provost has pleaded guilty is punishable with up to 20 years in prison and a fine up to $250,00 or twice the gross gain or loss from the offense. His sentencing is scheduled for March 20, when he would also be asked to pay restitution.
Court documents show that Provost used the firm's accounts to write checks to pay his family's personal expenses. Such expenses included his horse-stable expenses, mortgage expenses, children's tuition, and others. He also admitted to trying to hide his theft by using the stolen funds to buy cashier's checks payable to himself or to his creditors.
The law firm is based in Freehold.
