Matter of Fernandez
v.
Corcoran

Appellate Division of the Supreme Court of New York, First DepartmentApr 30, 1991
568 N.Y.S.2d 944 (N.Y. App. Div. 1991)
568 N.Y.S.2d 944172 A.D.2d 438

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April 30, 1991

Appeal from the Supreme Court, New York County [Lebedeff, J.].


After a hearing on certain specifications, a determination was made that petitioner had demonstrated untrustworthiness and/or incompetency to act as a broker by diverting substantial funds from a loan made by Borg-Warner Insurance Finance Corporation to Southwest Equipment Rental, Inc., doing business as Southwest Motor Freight, to finance premiums owed to Travelers Indemnity Company by using part of the monies to pay other debts owed by Southwest to the Hartford Insurance Company.

The finding of respondent is supported by substantial evidence on the entire record (Matter of Purdy v. Kreisberg, 47 N.Y.2d 354, 358). Nor was the imposition of the penalty so disproportionate to the offense, in light of the circumstances, as to shock one's sense of fairness (Matter of Pell v. Board of Educ., 34 N.Y.2d 222). Revocation of petitioner's license was not excessive in light of the large amount of fiduciary funds mishandled (Matter of Shalom Brokerage v. Lewis, 73 A.D.2d 900).

Concur — Murphy, P.J., Carro, Ellerin, Wallach and Asch, JJ.