Ex-attorney indicted for misuse of escrow funds

RED BANK - A former Red Bank attorney was indicted on charges that he failed to properly disburse more than $200,000 in funds he held in escrowfrom15 separate real estate closings, according to the Monmouth County Prosecutor's Office.

Gary Edelson, 47,was indictedMay 5 by aMonmouth County grand jury on charges stemming fromhis alleged actions between August 2003 andNovember 2005, according to the Prosecutor's Office press release.

The grand jury returned a one-count indictment charging Edelson with second-degree misapplication of entrusted property, according to the release.

"Edelson violated the fiduciary duty he owed his clients.As a result, he has forfeited his privilege to practice law in the state of New Jersey and he now faces serious criminal charges," saidMonmouth County Prosecutor Luis A. Valentin in a press release.

On Sept. 27, 2006, the New Jersey Supreme Court ordered Edelson's disbarment from the bar of the state of New Jersey, according to the prosecutor's office.

Additionally, more than $170,000 in claims have been paid fromthe New Jersey Lawyers' Fund for Client Protection, according to the Prosecutor's Office.

If convicted, Edelson faces a maximum potential state prison sentence of up to 10 years.

Edelson surrendered himself to detectives from the Monmouth County Prosecutor's Office on May 6.

Bail was set by Superior Court Judge Bette E. Uhrmacher at $30,000 with a 10 percent option, according to the prosecutor's office.

Despite these charges, every defendant is presumed innocent, unless and until found guilty beyond a reasonable doubt following a trial atwhich the defendant has all of the trial rights guaranteed by the U.S. Constitution and state law, according to the prosecutor's office.