$150,000 from three investors in the Hamiltonian timeshare and condominium complex in Bermuda.

Stavisky, who co-owns the development, will not know until December 13 whether he will go to prison.

He faces a maximum sentence of 15 years in prison or $75,000 in fines.

Massachusetts Assistant Attorney General Mr. Jeremy Silverfine, who prosecuted the case, said yesterday: "We are asking for a jail term.'' Stavisky, 54, was found guilty of three counts of larceny in a non-jury trial before Judge Hiller Zobel at Suffolk County Superior Court on Monday. He had denied the charges.

The court heard that Stavisky, in his capacity as an attorney and a real estate developer, was given $50,000 each by three investors in October, 1989.

"When soliciting the funds, Stavisky told the investors that he was in the process of developing 88 condominium units in Bermuda,'' said Mr. Silverfine.

"But, instead of holding the investors' monies in an escrow account, as he had represented, Stavisky converted all of the money to his personal use.'' Four days into the six-day trial, Stavisky paid back the entire $150,000 after having funds wired from Bermuda, said Mr. Silverfine.

"He had been sued civilly for this amount and, in order to satisfy this complaint, he paid the money back,'' he said.

"I don't know exactly where he got the money from. It is fair to say that he's a man with financial problems. I think he's over-extended financially.'' Mr. Stavisky's defence centred around two other Hamiltonian investors who said their money had been returned upon request, said Mr. Silverfine.

"I think he was trying to prove that he had no intentions of depriving any investors of funds,'' he added.

"In my opinion, this didn't really have much to do with whether he embezzled funds from the three investors involved with the case.'' Fellow investors in the Hamiltonian Hotel and Island Club, at Langton Hill, Pembroke, include former Transport Minister the Hon. Ralph Marshall, Bermuda Broadcasting chairman Mr. Fernance Perry, LP Gutteridge chairman Mr. J.J.

(Jack) Outerbridge and Hamilton businessman Mr. Ray White and his son, Kim.

A year ago Stavisky was disbarred by the Massachusetts Board of Bar Overseers after being accused of misappropriating $450,000 given to him by clients.

Stavisky, who is free until sentencing, although he must comply with court-imposed reporting restrictions, could not be reached directly for comment yesterday.

But his Boston office issued a statement saying the matter had been "extremely damaging and disturbing to him personally''.

"The repayment of the funds to the complainants was delayed by circumstances beyond his control but, in any case, the funds had been repaid with accrued interest in conformity with the original agreement,'' said the statement.

"Mr. Stavisky has never denied that these funds were owed and regrets that, had a more timely repayment been possible, the whole incident would have been avoided.'' Massachusetts Attorney General Mr. Scott Harshbarger said: "My office has made prosecution of white collar fraud a priority.

"No-one should be allowed to take advantage of their professional position of trust.''