Noted criminal defense lawyer Michael Sherman has been reprimanded by a statewide bar grievance panel after admitting to two rule violations over fees he charged a college student convicted of a hedge fund scam.
Sherman was reprimanded for not having a written fee agreement and not providing enough details to disciplinary authorities.
At issue was $175,000 that Sherman charged to represent Hakan Yalincak, a 22-year-old former New York University student sentenced last month to 3 1/2 years in prison. Sherman refunded $50,000.
Sherman, who has no prior disciplinary record, offered to settle the case after a local panel found probable cause that he committed five rule violations. The other violations involved the amount he charged, and attempts to settle the grievance that amounted to interfering with the investigation of the grievance.
In exchange, the panel dropped three additional charges against him.
Sherman represented Yalincak from June 2004 until Oct. 24, 2005. Sherman told the grievance panel he left the case due to a conflict of interest.
Yalincak alleged the conflict stems from a federal tax fraud investigation, and that IRS agents interviewed him about his dealings with Sherman.
Sherman has declined to comment on the conflict.