Theft from real estate clients results in prison term of 5-15 years

Section: Capital Region,  Page: B1

Date: Saturday, August 28, 2010

BALLSTON SPA -- Patrick Reidy pleaded guilty Friday to stealing millions of dollars from his real estate clients.

Reidy took money given to him to pay off loans and spent it instead of paying the clients' bills. He is expected to pay back his victims and will be sentenced Oct. 22 to 5 to 15 years in prison.

Reidy's lawyer, Michael Koenig, said his client accepts responsibility for his actions and has cooperated fully with police since his arrest a year ago.

"Pat Reidy is a good man who made some unfortunate and regrettable decisions that hurt a number of people. He's now paying a steep price. He lost his career, his reputation and his freedom," Koenig said.

As part of his plea, Reidy will pay restitution in the amount of approximately $2.3 million, Koenig said. The agreement has not been finalized. Koenig would not discuss any personal assets Reidy still has, but said the victims will be able to turn to the Lawyer's Fund for Client Protection for money, and the fund managers will then pursue Reidy's holdings.

Theresa Olson-Hoffman has been fending off foreclosure on her Lake George home because of Reidy's theft. She said she felt like a weight has been lifted from her head when she heard about Reidy's plea. She plans to attend his sentencing hearing.

"I want to look him in the eye and say, 'You don't have a clue what you did to people's lives. This has followed us for a year and there's more still to come because of the damage to our credit,' " Olson-Hoffman said.