Kwasnik’s law license suspended in N.J.

The New Jersey State Supreme Court on Wednesday suspended the law license of Philadelphia lawyer Michael Kwasnik, who was charged in a state grand jury indictment in November with stealing $1.1 million from a Cherry Hill widow.

Kwasnik had been under investigation by state bar authorities and law enforcement officials for a variety of alleged ethics code and criminal violations involving his mostly elderly clients.

A Cherry Hill based company for which he had served as general counsel, Liberty State Financial Holdings, filed for bankruptcy in July.

Authorities say the company and its subsidiaries owe investors millions, but that it has no money to repay them.

Kwasnik was arrested at a bus station in Alabama on Nov. 9, a few days after his indictment. Police say he was carrying cash, maps, a passport and other documents needed for travel outside of the country.

Read more at www.philly.com/elder.    - Chris Mondics