Rhode Islanders have been left reeling after learning that their trusted attorney, Peter P.D. Leach, has been accused of conducting a brazen Ponzi scheme that defrauded clients of over $500,000 in settlement funds.
The shocking news broke on Tuesday when Leach admitted to a federal judge that he had misappropriated client funds and used them to pay personal expenses and repay earlier clients whose funds he had embezzled.
According to investigators, Leach forged client signatures and deposited settlement checks into his attorney IOLTA account, using those funds to fuel his lavish lifestyle and repay earlier clients whose funds he had embezzled. To prolong his scheme, Leach repeatedly made false representations to clients about the status of their cases, and told them that he would pay their medical expenses and other bills with settlement funds he had received.
The investigation, led by the Rhode Island State Police Financial Crimes Unit and Internal Revenue Service – Criminal Investigation, determined that Leach’s criminal activity resulted in losses to clients of more than $250,000.
Leach also admitted to taking multiple steps to conceal his gains from the IRS, including making false statements on IRS forms regarding his assets, making false statements to IRS Revenue officers about his ability and willingness to pay his taxes, and transferring money from his client account to the account of family members to make personal payments.
The defendant, who has been accused of failing to pay more than $250,000 in taxes, is scheduled to be sentenced on January 4, 2024. The defendant’s sentences will be determined by a federal judge after consideration of the U.S. Sentencing Guidelines and other statutory factors.
This is not the first time Leach has been accused of misconduct. However, this is the most severe accusation to date.
Defendant: Peter P.D. Leach
Criminal Charges: Wire fraud, tax evasion
City and State: Providence, Rhode Island
Date: Tuesday
Sentence: Scheduled to be sentenced on January 4, 2024
Dollar Amounts: $500,000 (misappropriated client funds), $250,000 (losses to clients), $250,000 (unpaid taxes)
Related Federal Cases
- Scialo, Attempted Tax Evasion, Rhode Island 2023 · Alabama
- Paul F. Pytko, Tax Evasion, Rhode Island 2014 · Vermont
- Campos Sagrero, Wire Fraud, Rhode Island 2015 · Massachusetts
- Santay Chanchavac, Wire Fraud, Rhode Island 2017 · Massachusetts
- Rodriguez Tineo, Wire Fraud, Rhode Island 2025 · Massachusetts
Key Facts
- State: Rhode Island
- Category: White Collar Crime
- Source: DOJ Press Release â†â€â€
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