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Lawyer who admitted fraud surrenders license

A Virginia Beach attorney who pleaded guilty to fraud in the misappropriation of more than $2 million has given up his law license.

David R. Flynn consented to revocation of his license April 29, according to a copy of an affidavit provided by the Virginia State Bar. In the affidavit, Flynn acknowledged that the “material facts upon which the allegations of misconduct are predicated are true.”

Flynn’s law license had been administratively suspended earlier this year.

Flynn’s practice involved handling real estate closings. Besides his law office, he owned Assured Title of Virginia which sold title insurance issued by First American Title Insurance Co.

First American and federal prosecutors alleged that Flynn diverted money from 12 real estate transactions last fall, sticking the insurance company with the losses as mortgage loans were not paid off as expected.

Prosecutors said Flynn used the diverted money to cover up problems with his escrow account, to pay a personal credit card bill and to travel to “tropical destinations.”

Sentencing is set for July 7. Flynn faces up to 30 years on two guilty pleas.

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