Cherry Hill lawyer ordered to compensate clients

Posted: June 16, 2013

A Cherry Hill lawyer suspended from practice was sentenced Friday to time served - five months - and ordered to pay restitution of $1.2 million in funds he misappropriated from clients of his law firm.

Michael W. Kwasnik, 44, of Philadelphia, also was sentenced to five months' probation by Superior Court Judge Irvin J. Snyder in connection with two counts of money-laundering, to which he pleaded guilty in January, according a spokesman for state acting Attorney General John J. Hoffman.

In the plea deals, Kwasnik admitted misappropriating about $1.1 million from a 96-year-old client, who has since died, as well as funds from the settlement of a personal injury brought on behalf of a Williamstown couple.

Still pending is a civil lawsuit the Attorney General's Office filed charging Kwasnik, his father, and others with a Ponzi scheme involving 73 investors, most elderly, who lost $8.5 million. The spokesman said the plea agreement that preceded the sentencing does not affect any potential criminal charges from the alleged scheme.

Kwasnik was managing partner of Kwasnik, Kanowitz & Associates, a law firm with offices in Cherry Hill and Philadelphia. He has been suspended from practicing law in New Jersey by the state Supreme Court. The Supreme Court of Pennsylvania suspended his law license last year.


Contact Rita Giordano at 856-779-3893, rgiordano@phillynews.com or on Twitter @ritagiordano.

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