On Wednesday, January 15, 2025, the Administrator of the Illinois Attorney Registration and Disciplinary Commission filed a complaint against attorney Giulio Palma. The complaint follows Palma’s recent conviction on multiple counts of wire fraud.
The case is entitled “In the Matter of Giulio Palma,” with case no. 2025PR00002.
The charges cited Illinois Rules of Professional Conduct 8.4(b) and 8.4(c).
Palma faced serious allegations stemming from a grand jury indictment issued on October 1, 2020. The indictment charged him with seven counts of wire fraud related to a scheme that allegedly defrauded investors of over $5 million intended for real estate development in Italy.
According to court documents, Palma was accused of misleading investors from July 2015 through August 2019 by making false representations regarding the intended use of their funds. The indictment indicated that he claimed to be investing in real estate while secretly diverting the funds for personal expenses, including jewelry purchases, family vacations, and healthcare costs.
Palma was arraigned on December 21, 2020, pleading not guilty to all charges. However, following a jury trial that took place from October 23 to November 2, 2023, he was found guilty of six counts of wire fraud. The jury’s verdict was delivered on November 2, 2023.
On January 10, 2025, Judge Robert W. Gettleman sentenced Palma to 36 months in prison, to be served concurrently across the counts. In addition to the prison term, Palma was ordered to undergo two years of supervised release after his incarceration and to pay restitution amounting to $5,868,744.92 to the victims of his fraudulent activities.
The indictment detailed several specific instances of Palma’s alleged misconduct, including transferring large sums of investor money for personal use while falsely assuring investors that he would not receive compensation until the investments yielded profits. Palma is also accused of opening bank accounts under a corporate entity he had no legitimate connection to, further concealing his actions from investors.
The complaint filed by the Illinois Attorney Registration and Disciplinary Commission cites Palma’s conviction as evidence of misconduct that undermines his honesty and trustworthiness as a lawyer. The complaint underscores violations of the Illinois Rules of Professional Conduct, specifically referencing Rule 8.4(b), which pertains to criminal acts reflecting adversely on a lawyer’s fitness, and Rule 8.4(c), which addresses conduct involving dishonesty or misrepresentation.
In light of these serious allegations and Palma’s conviction, the Administrator has requested that the case be reviewed by a panel of the Hearing Board. The Commission seeks a formal hearing to determine appropriate disciplinary actions based on the findings of fact and law regarding Palma’s conduct.
According to avvo.com, Mr. Palma is a banking attorney in Chicago, Illinois. He acquired his law license in Illinois in 2014.
A copy of the original filing can be found here.
