William McCullough, who operated a real estate-focused law practice in Stamford for several years before resigning from the Connecticut bar in March 2019, pleaded guilty to one count of wire fraud stemming from an embezzlement scheme.
According to court documents, McCullough received funds from clients that were meant for deposit in an Interest on Lawyers”™ Trust Account (IOLTA Account) for use in accordance with his duties to each client. However, the Connecticut Statewide Grievance Committee audited McCullough”™s IOLTA Account in March 2018 and found he failed to maintain required documents for several years. The audit also revealed that more than $1.27 million was due to clients, but the IOLTA Account held less than $600,000.
A subsequent criminal investigation revealed that McCullough defrauded clients by using funds in his IOLTA Account to cover funds owed to others and for his personal expenses. McCullough made false representations to his clients and provided a false and inaccurate closing statement to at least one individual. As a result of this fraud, McCullough”™s clients lost approximately $720,851.05 through this scheme.
McCullough faces a maximum term of imprisonment of 20 years. He is released pending sentencing, which has yet to be scheduled.
