“Similar To A Ponzi Scheme”

The Georgia Supreme Court imposed reciprocal disbarment based on a sanction imposed in Florida

The reciprocal discipline arose out of the Florida Supreme Court’s temporary suspension of Soto’s Florida law license on April 20, 2022, based on his violations of numerous Florida Rules of Professional Conduct by settling lawsuits on behalf of several clients but failing to disburse the settlement proceeds correctly, and repeatedly misleading the clients on the whereabouts of the funds. In its petition for emergency suspension, the Florida Bar provided evidence of Soto’s misconduct via affidavits from a staff auditor, who opined that Soto handled his trust accounts “in a manner similar to
a Ponzi scheme” by misappropriating funds from multiple clients (often for his personal use) and using funds from other clients settlements to make partial payments to clients whose funds were previously misappropriated.

After the Notice of Reciprocal Discipline was filed in Georgia, Soto filed a Petition for Disciplinary Revocation Without Leave to Apply for Readmission in Florida, stating that he had no prior discipline, listing his pending disciplinary cases, agreeing to pay restitution to the clients involved in the pending disciplinary cases, and requesting that his membership in the Florida Bar be revoked without leave to seek readmission. On June 16, 2022, the Supreme Court of Florida entered an order permanently revoking Soto’s license to practice law.

Respondent had not objected to the disbarment recommendation. (Mike Frisch)