SME Law

The case of the missing $500,000

Police have charged a well-known Adelaide lawyer regarding half a million dollars of missing trust fund money.

February 23, 2015 • By Felicity Nelson

Stephen McNamara, the director of Commercial & General Law for eight years, has been under investigation by the Law Society since April last year.

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Mr McNamara was recently suspended from practising by Supreme Court Justice Tom Gray and has now been charged by police with six counts of misappropriation and misuse of trust money and with making false and misleading statements to investigators.

The investigation was launched nine months ago when a beneficiary of the estate of the late Mildred Matthews made a formal complaint.

Mr McNamara’s firm was in charge of managing the estate but has been unable to satisfactorily explain the missing $465,000 to Legal Profession Conduct Commissioner Greg May or Justice Gray.

Supreme Court documents allege that Mr McNamara took money from the estate of deceased persons to pay business and Visa card debts.

Mr McNamara has previously claimed the money is being held by Deutsche Bank in Germany.

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He was granted bail and is set to appear before the Adelaide Magistrates Court in May.

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The case of the missing $500,000