Posted by Frank Chin on July 20, 2003 at 07:47:22:
What your lawyer did was shady - and someone should complain.
Some twenty years ago, I went to a RE closing, and was told my lawyer advance some funds (a loan) out of the trust account to my seller - and he was deducting it from the proceeds to the seller at my closing. I thought it was odd but said nothing.
Then some years lately, I got a letter from two other lawyers who said they bought out his law practice, and I never thought much about it.
Then, a few years ago, I asked around for a new lawyer, and a friend gave me a name. And I said "Oh didn’t she work at the law offices of John P. (my former lawyer).
My friend “Didn’t you hear he got disbarred for using client funds from his trust account??”
As for “not having the time to deal with it”, I worked at a large company where a customer ripped us off for $50,000. The FBI came to investigate, and I was the one who extended the loan. We weren’t too bothered, we just wrote it off, because we didn’t have time to deal with it.
The FBI man shook his head when he heard our story. He explained a group of con men pulled the scam over and over again, with large companies, bilking thme for 50K and under, for years and years because they knew “people had no time to deal with it”. He said the bureau estimated the losses was close to $100 million by the time they came to us, and decided to take a look at it.