Losing Bet

A North Carolina attorney who pledged trust funds to cover his casino bets has consented to disbarment.

From the order

On or about January 8, 2013, Defendant signed an authorization form thereby authorizing MGM Grand Hotel and Casino (“MGM”) and Mirage Hotel and Casino (“Mirage”), and their affiliates, to obtain and verifY Defendant’s balance information for Trust 1 and Trust 2.

 By signing the authorization form, Defendant agreed to sign credit instruments, also known as markers or checks, for the amount of chips, tokens, cash or other credit issued to Defendant by the casinos.

 The form Defendant signed authorized MGM/Mirage to insert on the credit instruments the account numbers and other banking or financial information for any account from which Defendant has the right to withdraw funds.

The authorization form Defendant signed had the effect of pledging the balances of all bank accounts for which Defendant was signatory, including Trust 1 and Trust 2, as security to satisfy any gambling debt of Defendant to the casinos or credit advanced to Defendant by the casinos.

Defendant did not exempt Trust 1 and Trust 2 from the accounts subject to the terms of the authorization referred to in the preceding paragraph. Defendant did not notify MGMlMirage that the funds contained in Trust 1 and Trust 2 were not funds to which Defendant was entitled.

He previously had been reprimanded for a false statement to a tribunal. (Mike Frisch)