Credit: Shutterstock.com Attorney Loses License After Using 6-Year-Old's Special-Needs Trust to Pay Law Firm Expenses
Arif told investigators he could not afford to pay law firm expenses and salaries with his own funds, so he loaned himself money from the SNT.
February 08, 2022 at 03:51 PM
6 minute read
A Virginia attorney agreed to have his license revoked for a period of five years after he issued himself allegedly unauthorized loans from a 6-year-old client's trust to help pay law firm expenses and salaries, according to the stipulated facts before the Disciplinary Board of the Virginia State Bar.
Michael Steven Arif, founder and managing partner of Arif & Associates, consented to a revocation order before the Virginia State Bar Disciplinary Board on Jan. 31 for violating rules of diligence, misconduct, safekeeping of property and fairness to opposing counsel and party for taking more than $60,000 in loans from a Special Needs Trust (SNT), according to the facts laid out in the agreed-on disposition. His suspension became effective Aug. 26.
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