North Vancouver lawyer agrees to 15-year practice ban over misconduct
A North Vancouver lawyer has admitted to professional misconduct and agreed not to practise law for 15 years, according to the Law Society of British Columbia.
William Lorne Macdonald admitted to a variety of misconduct in an agreed statement of facts presented to the law society in September and accepted early last month.
Macdonald's undertaking not to practise law commenced on Wednesday.
Among the allegations Macdonald admitted to were making "false and/or inaccurate representations," "assisting in, encouraging, and/or facilitating dishonesty, crime or fraud," misuse of trust accounts and insufficient verification of clients' identities.
The specific circumstances of the misconduct are laid out in a document published on the law society's website.
All of the misconduct the lawyer admitted was related to two clients – identified in the document only as JM and KT – and various companies owned or controlled by them.
Macdonald admitted that he made representations he ought to have known were false when responding to an inquiry from a securities regulator.
He told the regulator there were no emails or agreements between a company incorporated in the British Virgin Islands and three other companies, despite having facilitated payments from his trust account to two of the companies and having prepared regulatory submissions about the third.
He also admitted to allowing funds from JM, KT and their companies to flow through his trust account in "objectively suspicious circumstances," without making reasonable inquiries about various transfers.
According to the law society document, Macdonald ought to have known that his trust account "was being used to facilitate unlawful or dishonest conduct," and he "assisted" JM and KT in "a fraudulent scheme to manipulate the securities market."
Notably, the suspicious transactions were allowed to continue even after Macdonald became aware of a U.S. Securities and Exchange Commission investigation and complaint involving his clients.
In a statement announcing Macdonald's suspension Wednesday, the law society said it accepted his proposal after considering the other conditions he agreed to.
In addition to agreeing not to practise for 15 years, Macdonald agreed not to apply to practise law anywhere in the world without first notifying the law society.
"If Macdonald applies for reinstatement after 15 years, he must demonstrate he is of good character and fitness to practice law at a mandatory credentials hearing and comply with any conditions imposed by the panel," the law society's statement reads.
"The Law Society recognizes that misconduct by lawyers that facilitates securities fraud poses significant risks to the public, and takes such matters very seriously. The Law Society appreciates the co-operation of the U.S. Securities and Exchange Commission in this investigation."
CTVNews.ca Top Stories
Serial sexual offender linked to unsolved 1970s homicides of four Calgary girls, women
An investigation into unsolved historical homicides from the 1970s has linked the deaths of two girls and two young women in and around Calgary to a now-deceased serial offender.
Woman with liver failure rejected for a transplant after medical review highlights alcohol use
For nearly three months, Amanda Huska has been in an Ontario hospital, part of it on life support, because of severe liver failure. Her history of alcohol use is getting in the way of her only potential treatment: a liver transplant.
BREAKING Craig Berube named as next head coach of Toronto Maple Leafs
The Toronto Maple Leafs have named Craig Berube as their new head coach.
A look back on Alberta's record-breaking wildfire season: Preparing for potential challenges in 2024
By the end of the 2023 wildfire season in Alberta, 1,088 wildfires had burned more than 2.2 million hectares of land, and this year, the wildfire season is already in full swing.
Person charged in random assault on actor Steve Buscemi in New York
A person wanted in connection with the random assault on actor Steve Buscemi on a New York City street earlier this month was taken into custody Friday, police said.
B.C. man 'attacked suddenly' by adult grizzly near Alberta boundary: RCMP
A B.C. man is recovering from multiple injuries after he was "attacked suddenly" by an adult grizzly bear near Elkford Thursday afternoon.
Australia's richest woman seeks removal of her portrait from exhibition
Art is subjective. And while many artists long to share their work with the world, there's no guarantee that the audience will understand it, or even like it.
Video appears to show Sean 'Diddy' Combs beating singer Cassie in hotel hallway in 2016
Security video aired by CNN appears to show Sean 'Diddy' Combs physically assaulting singer Cassie in a Los Angeles hotel hallway in 2016.
Anglers reel in 3.5-metre-long tiger shark off coast of Florida: 'She found my bait'
A group of fishers said it took roughly 20 minutes to reel in this 3.5-metre-long tiger shark off the coast of Florida.