Wednesday, September 14, 2011
An attorney who had misappropriated $144,000 was suspended for at least 18 months by the Minnesota Supreme Court. According to the court's opinion, the attorney transferred funds from the trust to the operating account as a result of recession-caused business problems.
The attorney also faces a three-year probation on reinstatement and another rather unusual provision - a lifetime ban on being an authorized signatory on a trust account.
The court noted substantial mitigating factors that included repayment prior to the discovery of the misappropriation. The conduct was brought to light by an overdraft notice issued after the attorney had replaced the funds. (Mike Frisch)