Bloomberg Law: Brewer Client Richard Solit Files Suit Alleging Fraud and Breach of Contract Against New York Attorney

October 28, 2025 – Bloomberg Law reports that Dr. Richard Solit, an experienced investor, filed a lawsuit in New York Supreme Court, Suffolk County, against New York attorney Edward J. Lake and his firm, The Law Office of Edward J. Lake, P.C. d/b/a The Lake Law Firm. The suit alleges a pattern of misconduct related to a mass-torts litigation finance venture.

The suit alleges that Lake induced certain entities that Dr. Solit was affiliated with to invest $1 million in a mass-tort portfolio and $4.25 million in an Employee Retention Tax Credit (ERC) portfolio by falsely presenting themselves as experts in the field and later, making grandiose promises to secure additional funding. The suit further alleges that Lake and his firm failed to deliver the promised case portfolios and later attempted to address the shortfalls through replacement agreements that were never fulfilled.

According to the filing, Lake further represented that his firm was in financial distress, and requested that Dr. Solit provide $950,000 in loans to keep the firm operational. Dr. Solit alleges that it only recently became clear that defendants never intended to repay these loans and did not do so.

“Dr. Solit is pursuing justice after discovering that Ed Lake and his firm misused investment funds and his confidence in an attorney was exploited,” said William A. Brewer III, partner at Brewer, Attorneys & Counselors. “Dr. Solit intends to ensure that those responsible are held to account under the law.”

The complaint asserts that Lake’s actions violated his contractual and fiduciary duties, undermining the standards of integrity expected of those entrusted to manage client and investor funds.

Read more here.