AG Gansler: Prince George's Man Sentenced for Felony Theft
Stolen funds were part of a real estate settlement
Baltimore, MD ( Feb. 12, 2013) - Attorney General Douglas F. Gansler announced today that Adigun Suheed Bakare, 50, of Beltsville, was sentenced in the Circuit Court for Prince George's County on one count of felony theft over $500. Judge Melanie M. Shaw-Geter imposed a six-year sentence, suspending all but one year, ordered Bakare to serve five years probation and make restitution in the amount of $49,722.53.
"Stealing public funds is a serious crime that will not go unpunished," said Attorney General Gansler.
An investigation revealed that on February 14, 2006 and March 21, 2006, Bakare stole $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 that Bakare was conducting as the settlement agent. As a fiduciary, Bakare was required to disburse the funds according to the HUD-1 Settlement Statement, but he instead took the money.
This case was jointly investigated by the Insurance Fraud Division of the Maryland Insurance Administration and the Office of the Attorney General. Attorney General Gansler thanked the Maryland State Police for their assistance in the investigation.