A former Towson attorney, disbarred last year after being accused of stealing hundreds of thousands of dollars from the trust fund of a deceased client, was charged this week with taking money from his sister and her children.
Michael Hodes, who also hosts a Sunday radio show called "Financial Focus" on radio station WCBM-AM, was charged Wednesday with four counts of felony theft and four counts of embezzlement. Baltimore County prosecutor Adam Lippe said Hodes is accused of improperly lending himself more than $100,000 while setting up a trust fund for his sister, Laurie Manney, and her two children with an insurance payout after her husband's death.
Hodes denied the charges against him in an interview, saying he used the $100,000 to settle his sister's bankruptcy case. He maintained that he had done "absolutely nothing inappropriate or wrong" and said that "the truth will come to light."
"I'm really heartbroken that this has taken place," said Hodes, 65. "It impugns my integrity."
Hodes, who co-founded the firm Hodes, Pessin & Katz P.A. in 1988 and established his own practice in 2012, was disbarred in October after the Attorney Grievance Commission of Maryland alleged he withdrew $270,000 from the trust fund of deceased client Gloria S. Ominsky to pay personal debts, including outstanding credit card balances, and to pay for services that he hadn't performed.
Lippe said Manney read news coverage of Hodes' disbarment case and learned about the alleged loan taken from her trust, then contacted prosecutors.
Since his disbarment, Hodes has worked as a financial adviser through a company he formed with his wife. Hodes Financial & Elder Care Consultants offers advice on elder care, financial and tax planning, and veterans benefits. Hodes served as a trustee of the Maryland State Retirement and Pension System in the 1980s.
Marc Beaven, general manager for WCBM, said station executives had been unaware of the charges and were contemplating what steps to take. Beaven said the station was aware of Hodes' disbarment in October but had not changed the arrangement beyond informing listeners that he was a wealth adviser and not an attorney.