L Squared Insurance Agency Blog: iolta accounts
View the latest blog posts from L Squared Insurance Agency.
Wednesday, August 29, 2018Many Law Firms carry large balances in Escrow Trust and IOLTA accounts. What would happen if those funds disappear? Law firms may rely on a “trusted” employee to manage the funds, balance the accounts, deposit funds and write checks. Unfortunately this “trusted” employee is a leading cause of loss. READ MORE >>
Tuesday, December 27, 2016A few months ago wrote about a San Diego attorney, Richard Medina, that was using the Law Firm’s Trust Account to help hide the source of $12 Million in violation of the Bank Secrecy Act. By using the firm’s trust account he was able to evade the bank reporting laws that are meant to report on large money transactions. READ MORE >>
Monday, September 12, 2016San Diego Lawyers pleads guilty to illegal money transfer business using Trust Accounts and is sentenced to 5 years in prison. To avoid financial Institutions required reporting, Attorney set up a number of Trust Accounts around the country to collect cash and transfer that money overseas to Mexico and Hong Kong. READ MORE >>
Tuesday, July 5, 2016Depending on the type of practice an attorney has, the Law Firm could be carrying large balances in Escrow and IOLA accounts. With smaller law firms, the firm may be relying on a “trusted” employee to manage the funds, balance the accounts, deposit funds and write checks. READ MORE >>