A disbarred Rhode Island attorney who handled real estate closings has been charged with misappropriating $500,000.
Geoffrey Regan was arraigned in Newport District Court on Friday and released on $20,000 personal recognizance. He did not enter a plea to three counts of unlawful appropriation over $1,000.
The Rhode Island State Police said they received a complaint from the chief disciplinary counsel for the state court system. They said Regan consented to disbarment.
An Ethics Primer:
Fiduciary (from reference.com):
fi-du-ci-ar-y
Fiduciary, in law, a person who is obliged to discharge faithfully a responsibility of trust toward another. Among the common fiduciary relationships are guardian to ward, parent to child, lawyer to client, corporate director to corporation, trustee to trust, and business partner to business partner. In discharging a trust, the fiduciary must be absolutely open and fair.
I guess Mr. Regan missed fiduciary day at law school.
