Pennsylvania lawyers face tighter rules on investing client money

The Supreme Court of Pennsylvania has announced new rules aimed at making lawyers more accountable when they invest client funds.

Harrisburg, Pennsylvania

The regulations follow the handing down of a 15-year prison sentence to lawyer Wendy Weikal-Beauchat for stealing over US$6m from her elderly and other clients. Chief Justice Ronald D Castille said: 'These new rules serve as a reminder that attorneys are obligated to live up to the trust people put in them by working diligently and honestly or face the consequences.'

Lawyer records

The rules - which take effect from late February - also restrict lawyers from brokering, selling or offering to place client investments unless they are specifically qualified to do so and have no disqualifying interest in the transactions. The financial records kept by lawyers will need to be changed so that investigators will be able to examine them more easily and speedily. Source: PennLive

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