April 15, 2011
Don't Link PayPal To Your Escrow Account
This particular practice tip comes from a public reprimand issued to a Massachusetts attorney for misconduct relating to his handling of an IOLTA account.
According to this summary, the attorney was alleged to have "knowingly linked his IOLTA account to PayPal (a system permitting online payments for the purchases of goods over the internet), paid PayPal directly from the account, and negligently misused client funds."
The attorney's handling of his IOLTA account came to the attention of the bar as a result of notice of dishonor of two checks. The investigation revealed 16 PayPal deductions from the account. The attorney removed the IOLTA account from PayPal access and deposited funds to cover the deficiency. (Mike Frisch)
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