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For Immediate Release

Media Contacts:

David Paulson, 410-576-6357
dpaulson@oag.state.md.us

AG Gansler Secures Felony Theft Conviction
Former Prince George's lawyer stole funds from real estate settlemen
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Baltimore, MD ( Nov. 12, 2012) - Attorney General Douglas F. Gansler announced today that Adigun Suheed Bakare, 50, of Beltsville, pleaded guilty in the Circuit Court for Prince George's County to one count of Felony Theft over $500. The maximum penalty for felony theft is 15 years incarceration and a fine. Sentencing is scheduled for January 11, before Judge Melanie M. Shaw-Geter.

An investigation revealed that on February 14, 2006 and March 21, 2006, Bakare stole a total of $334,568.47 in loan funds from Accredited Home Lenders. At the time of the theft, Bakare was working as a lawyer and settlement agent at the Law Office of Bakare and Associates. The stolen funds were part of a real estate settlement, on which Bakare acted as the settlement agent. As a fiduciary, Bakare was required to disburse the funds according to the HUD-1 Settlement Statement.

This conviction follows a joint investigation by the Insurance Fraud Division of the Maryland Insurance Administration and the Office of the Attorney General. In making the announcement, Attorney General Gansler thanked Assistant Attorney General Timothy S. Lake, Investigative Auditor Jean Hamilton for their hard work on the case and the Maryland State Police for their assistance in the investigation.

   

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