The Florida Supreme Court recently issued a disciplinary revocation to Jonathan Paltiel Flom, an attorney in Palm Beach, Fla., stemming from his federal money laundering conviction.
The 59-year-old attorney, who was admitted to the Florida State Bar in 1993, submitted the petition for revocation and had no prior disciplinary record.
Flom was found guilty in June of money laundering in a securities fraud scheme in a U.S. District Court in New York.
The attorney was caught agreeing to launder counterfeit securities on wire recordings taped by an undercover FBI agent, according to a report by Law360. Another attorney, James L. Schmidt, who was also found guilty of money laundering, can also be heard on the tapes along with Cecil Franklin Speight, the alleged mastermind of a $3.3 million counterfeit stock certificates scam in which the two attorneys were involved. The U.S. Securities and Exchange Commission (SEC) is investigating the scam.
A disciplinary revocation is considered tantamount to disbarment. Flom will not be able to practice law for at least five years, at which point he may apply for readmission to the state bar. He must also assume the costs of his court proceedings, which at the time of filing totaled $1,250.