A Jersey Shore attorney who hosted a radio show and taught seminars on elder law has been sentenced to 10 years in state prison for stealing more than $3 million dollars from at least two dozen elderly clients and laundering the money.
Robert Novy, 67, of Brick was taken into custody after the sentencing in Ocean County Superior Court last Friday. He pleaded guilty in July for first degree money laundering.
Many of the victims did not have close relative to guard their interests, and in some cases, suffered from dementia, according to state authorities.
Officials say that Novy, whose law office was in Manchester, used the stolen funds for his own benefit, paying personal, and business expenses.
“Novy preyed upon vulnerable seniors who trusted him as their attorney to guard their interests. Instead, he callously stole their life savings, betraying their trust and the oath he took to uphold the law,” said Attorney General Gurbir S. Grewal. “We have secured justice with this lengthy prison sentence and have ensured that his victims will receive restitution from the assets we seized from him during our investigation.”
He must serve three years and four months before becoming eligible for parole and pay restitution to the victims out of two finds that the state is creating using assets previously seized by the state.
Novy also surrendered his New Jersey law license and must pay $500,000 to the state as an anti-money laundering profiteering penalty.