A suspended and retired Toronto lawyer has been charged with fraud and cash laundering within the wake of allegations from shoppers that he saved their cash.
CBC Toronto first reported on the allegations against Ping-Teng Tan last summer.
On the time, two of Tan’s shoppers have been ready for the lawyer to adjust to courtroom selections ordering Tan to pay them greater than $1 million they have been collectively owed from the sale of a enterprise, in a single case, and the sale of a residential property, within the different.
9 months later these shoppers nonetheless have not acquired a cent.
York Regional Police confirmed the pressure charged Tan with two counts of fraud over $5,000, two counts of possession of property obtained by a criminal offense and cash laundering late final month. Police consider there could also be extra victims.
The fees haven’t but been examined in courtroom.
Tan didn’t reply to a request for remark for this story on his private electronic mail. His legislation agency electronic mail was shut down final 12 months and the telephone quantity will not be in service.
Former shopper Xiaolong Zhang says he was relieved when an officer knowledgeable him Tan was charged with fraud in his case.
“I felt like justice was lastly being achieved,” Zhang stated.
One shopper says now-suspended lawyer Ping-Teng Tan saved his retirement cash.
Zhang and his spouse employed Tan on the finish of 2023 to deal with the sale of their auto elements distribution enterprise in Vaughan, Ont., to fund their retirement. However they by no means acquired the $517,000 in proceeds they have been owed from the sale — which was paid to a belief account arrange by Tan’s legislation agency — not even after a choose ordered Tan to pay them their cash, plus the prices of their authorized utility, final June.
“Now as an alternative of having fun with our retirement, my spouse and I are going through severe monetary and emotional stress,” stated Zhang. “Like most different individuals, we had a type of pure belief in legal professionals. That belief is meant to be the inspiration of our authorized system.”
Nonetheless ready to get well retirement funds
Whereas Zhang is grateful to the police, the continued battle to get well his retirement cash has left him disillusioned with the civil courtroom course of and upset with a compensation fund for many who’ve misplaced cash due to a lawyer or paralegal’s dishonesty.
“Mr. Tan has no property below his identify we are able to go after, so now all we are able to do is await compensation from the Regulation Society of Ontario,” stated Zhang. “This lengthy and unsure wait is extremely painful — it appears like a second wave of emotional trauma.”
The Regulation Society of Ontario’s (LSO) compensation fund is funded by charges that legal professionals and paralegals pay the skilled regulator annually, and it has a $500,000 cap per declare.
Zhang filed a criticism with the LSO in February 2024. Then final April, Tan informed the legislation society he’d retired and closed his apply. That very same month, the LSO suspended Tan’s licence, later saying there was a danger of hurt to the general public.
Tan consented to the suspension however didn’t admit guilt. He can nonetheless contest allegations of misappropriating cash he held in belief at a disciplinary listening to.
The LSO confirmed that no disciplinary listening to has been scheduled for Tan, however his licence stays suspended.
Compensation fund resolution can take 2 years or extra
The LSO lawyer dealing with Zhang’s compensation fund declare informed him in writing final month that she’d accomplished her assessment and submitted her report on his declare final 12 months, however that her report continues to be below assessment and so she could not share a timeline for a choice with Zhang.
The message went on to say your entire declare course of often exceeds two years.
“I can not await greater than two years to get the funds,” stated Zhang.
In an emailed assertion, LSO spokesperson Amy Lewis informed CBC Toronto the timing of a grant resolution depends upon the timeframe by which proof is obtained and the variety of claims acquired and below assessment.
The compensation fund granted 75 claims involving legal professionals final 12 months, paying out a complete of roughly $2.6 million, in response to an end-of-year report. The fund additionally denied 30 claims involving legal professionals and acquired 69 new claims regarding legal professionals in 2024.
As Zhang waits for his declare resolution, he is contemplating promoting his home, however he is battling the thought of trusting a lawyer with the sale.
“If I encounter this type of lawyer once more, my life is gone as a result of the home is value greater than double, triple of half million,” Zhang stated.
“If somebody steals that cash, what am I going to do for the remainder of my life?”
Source link