An attorney from Dix Hills will serve 2 years and 4 months in prison after pleading guilty to wire fraud for stealing more than $1.3 million from a trust fund, a federal judge decided on Friday.
David Bodian, 59, the trustee of the Lou Bacon Trust, spent the looted cash on high-end stereo equipment, home renovations and international vacations, said Robert L. Capers, the U.S. attorney for the Eastern District of Long Island.
As part of his sentence, U.S. District Judge Arthur D. Spatt ordered Bodian to repay the entire $1.3 million to the trust, said Capers in a joint statement with Philip R. Bartlett, inspector-in-charge, U.S. Postal Inspection Service.
However, he might not be able to do so, at least immediately. “His attorneys indicated that his financial circumstances are currently extremely strained,” a spokeswoman for Capers said by email.
When Bodian was appointed the trust fund’s trustee in 2000, it held over $1 million in assets for the benefit of individuals and charities, the officials said.
About five years later, the attorney began spending the trust’s assets for his personal expenses. Over the next decade, he stole all of the trust’s funds except for about $10,000 in cash, the officials said.
To conceal his crimes, Bodian lied to the beneficiaries about how much money the trust’s bank accounts contained, prosecutors said.
He once borrowed $150,000 from a friend and temporarily deposited it in the trust’s account, the officials said. This allowed him to deceive a beneficiary by submitting a bank statement that included the borrowed sum, the officials said.
Afterward, Bodian returned the funds to his friend.