Accountant struck-off for stealing client funds…

The Disciplinary Tribunal of the New Zealand Institute of Chartered Accountants has struck-off a practitioner for misappropriating client funds and ordered him to pay $29,000.

The Accountant administered a trust for 6 years. Over this time he made over 146 transfers from the account totaling an estimated $650,000.

The money was transferred into bank accounts in the Accountant’s name.

In order to hide the transactions, several repayment transactions were made to the trust. Additionally, the Accountant falsified financial records and obscured information in the records to hide the thefts.

When the thefts were detected, the Accountant was suspended indefinitely until the Tribunal made an order.

The Tribunal held that despite likely having repaid the stolen funds, “the misappropriation of funds in these circumstances represents a gross breach of trust and is, in virtually every case, incompatible with membership of the Institute.”

The Tribunal terminated the Accountant’s membership from the Institute of Chartered Accountants and ordered him to pay $29,000 in costs.

Significant responsibility is vested in accountants administering clients’ accounts, and dishonesty can be career-ending.

If there are concerns surrounding the conduct of an accountant in administering your trust or accounts, it is wise to speak with a professional experienced in the area…

Leading law firms committed to helping clients cost-effectively will have a range of fixed-priced Initial Consultations to suit most people’s needs in quickly learning what their options are.  At Rainey Collins we have an experienced team who can answer your questions and put you on the right track.