Floral Park real estate lawyer charged with stealing $1.2 million from escrow money

A Floral Park real estate lawyer spent more that $1 million from his clients’ escrow accounts on adult entertainment clubs, expensive restaurants and fancy hotels, according to the Nassau County District Attorney's Office.

Terrance Dougherty, 36, of Oyster Bay, pleaded not guilty Wednesday to five counts of grand larceny and one count of scheme to defraud in Nassau District Court and was released on his own recognizance.

Judge Veronica Renta Irwin ordered him to surrender his passport to prevent him from leaving the country.

“This defendant shamelessly embezzled more than a million dollars from dozens of individuals who trusted him to handle property sales and purchases, according to the charges. Some of those transactions, unfortunately, fell through because of the defendant’s alleged theft,” District Attorney Anne Donnelly said in a statement.

“Instead of acting as a fiduciary and safeguarding his clients’ funds, this defendant allegedly burned through their money on high-roller nights out at gentleman’s clubs and other entertainment venues,” Donnelly said.

Prosecutors said Dougherty, who represented people buying and selling property, plundered the accounts of more than 20 clients between March 2021 and November 2024, taking over $1.2 million to fuel his lifestyle.

By Nov. 29, the district attorney said just $5.35 remained in his attorney trust account, where he kept client funds.

Dougherty closed his real estate practice in August and his actions were reported to an attorney disciplinary committee.

Authorities urge those who believe they may have been a victim of Dougherty to call 516-571-3505.

He is due back in court May 8 and faces up to 5 to 15 years in prison if convicted. His public defender lawyer could not be reached for comment.