Lawyer Accused of Stealing $750K From Client’s Escrow Released Under New York’s Cashless Bail Law

WADING RIVER, N.Y. – A Wading River attorney has been arrested and charged with stealing more than $750,000 from a client’s real estate transaction, Suffolk County prosecutors announced.

According to the Suffolk County District Attorney’s Office, Peter Giattino, 43, was arraigned January 15 on a charge of second-degree grand larceny, a Class C felony, after investigators alleged he misappropriated funds that were supposed to be held in escrow for the purchase of a Southampton home.

Prosecutors said Giattino was hired in early June 2025 to represent a client in the purchase of a residential property. On June 13, the client wired $751,687 to Giattino in his role as legal counsel and fiduciary. Instead of safeguarding the money for the real estate closing, authorities allege Giattino began withdrawing the funds through a series of official bank checks, ATM transactions, and cash withdrawals.

Investigators claim that between June and October 2025, Giattino spent large portions of the client’s money on unauthorized personal expenses, including gambling activity at local and out-of-state casinos. Prosecutors further allege that Giattino later caused the real estate closing to be canceled without justification.

After the deal collapsed, the client retained new legal counsel and repeatedly requested that the escrow funds be transferred. Authorities say Giattino failed to return the money because it had already been spent.

This case represents a profound breach of trust,” said Raymond A. Tierney, in a statement announcing the arrest. He added that prosecutors would not tolerate licensed professionals abusing their positions for personal gain.

Giattino, the principal attorney of PVG Legal Solutions PLLC, was arraigned in Riverhead Town Court before Justice Lori M. Hulse. He was released on his own recognizance under New York’s cashless bail law, which requires release without bail for certain non-violent felony charges that are not deemed bail-eligible under state statute.

Giattino is scheduled to return to court on April 8, 2026.

The Suffolk County District Attorney’s Office is asking anyone who believes they may have been victimized by Giattino to contact investigators at (631) 853-4626.

Giattino is presumed innocent unless and until proven guilty in a court of law.

What “Cashless Bail” Means in New York

New York’s bail system was significantly changed under state bail reform laws that took effect in 2020 and were later amended. Under current law, judges may only set bail or order pretrial detention for a limited list of offenses defined as “bail-eligible” in the state’s Criminal Procedure Law.

For charges that are not bail-eligible, courts are required to release defendants without monetary bail, typically on their own recognizance, regardless of the defendant’s occupation or the amount of money alleged to be involved in the crime.

Second-degree grand larceny, the charge filed in this case, is classified as a non-violent felony and is generally not bail-eligible unless accompanied by specific aggravating factors defined in statute. As a result, judges do not have discretion to impose cash bail or remand in such cases.

The term “cashless bail” is commonly used to describe this system, though it is not a formal legal term. In practice, it refers to mandatory release without bail for certain offenses under New York law.

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