Delco Lawyer's Arrest a Cautionary Tale for Handling Client Funds, Attorneys Say
The arrest of a Main Line personal injury lawyer on allegations he stole $400,000 in client settlement funds may have been uncommon, but the case highlights an ever-present pitfalls in handling clients' money, say attorneys who represent lawyers in disciplinary cases.
June 05, 2017 at 03:54 PM
7 minute read
The arrest of a Main Line personal injury lawyer on allegations he stole $400,000 in client settlement funds may have been uncommon, but the case highlights ever-present pitfalls in handling clients' money, say attorneys who represent lawyers in disciplinary cases. And those pitfalls may be more dangerous as competition among attorneys increases and compliance with rules over handling client funds gains in complexity.
Gregory Stagliano, 61, of Radnor Township, was arrested and charged with unlawful taking, theft of services, theft by deception and receiving stolen property—all third-degree felonies, according to a June 1 announcement by Delaware County District Attorney Jack Whelan.
Whelan's announcement said that, in at least nine cases, Stagliano had deposited settlement checks, ranging from $3,000 to $50,000, into an Interest on Lawyers' Trust Account (IOLTA) controlled by him, and proceeded to spend most of the funds. The announcement also noted that the state Disciplinary Board had notified prosecutors of the alleged theft.
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