Opinion ID: 1329076
Heading Depth: 2
Heading Rank: 1

Heading: Misappropriation of Funds Matter

Text: Respondent was retained by a client to assist her with the estate of her common law husband. Respondent received $22,275.57 from one of the husband's bank accounts and deposited those funds into respondent's trust account. Thereafter, respondent misappropriated and converted the entire amount to purposes other than those for which they were intended. Respondent subsequently directed the bank to close the trust account. He then presented the client with a check, in the amount of $22,275.57, from the closed account. The check was returned due to the fact that the account had been closed and contained insufficient funds. Respondent provided the client with a letter of explanation which stated respondent had closed a real estate matter, the client's funds were in the trust account from which disbursements were made on the real estate matter, the lender in the real estate matter failed to wire the funds into the trust account, the lender was supposed to wire approximately $62,000 into the trust account, and if the lender did not wire the funds within the week, respondent would pay the client from personal assets. Two weeks later, the client, who had not been paid, confronted respondent. Thereafter, respondent presented the client with a check for $12,000, drawn on his mother's home equity account, and a promissory note for the balance. As collateral, respondent gave the client the title to his boat and informed the client that she could sell the boat if respondent had not honored the promissory note by the following week. Respondent subsequently gave the client a cashier's check for the balance due and she returned the title to the boat. Respondent admits he misappropriated the client's money and that the information he provided in his letter of explanation contained false and misleading information for the purpose of delaying the client until respondent could acquire funds to pay her.