A FORMER partner in one of Queensland's oldest law firms has been jailed for 10 years for misappropriating up to $8 million over a five-year period.
Anthony "Tony" Scott Wood, 50, formerly of Crouch and Lyndon Lawyers, today pleaded guilty in the Brisbane District Court to two counts of fraud and one of forgery between May 2003 and September 6, 2008.
Prosecutor Glen Cash said it was impossible to establish how much money Wood had actually misappropriated, but the figure was estimated to be anywhere between $2 million to $8 million.
Mr Cash said Wood first misappropriated $200,000 from a deceased estate for his own "unknown" personal use and that over the following five years made "dozens of transactions" taking money from clients to pay money taken from others.
"(Wood's undertook) a roundabout of money taking from one client to pay (others over numerous years)," he said.
"It is not only difficult, it is impossible to be precise about the amounts involved (and sum misappropriated by Wood)."
The court was told the Queensland Law Society had received claims from disaffected clients for in excess of $8 million, but had as yet accepted about $2 million missing monies as proven.
Mr Cash said Wood also forged documents to make up to 13 fraudulent loans, on behalf of clients, that attracted incredibly high interest rates and re-payments.
He said Woods misappropriation of clients' funds increased to service payments for the spiralling interest rates on those fraudulent loans.
The court was told Wood's fraudulent activity was uncovered during a routine audit of the firm's accounts.
Both Mr Cash and barrister James Godbolt, for Woods, said the former solicitor's offending behaviour fell into the worst category and a jail sentence of 10 years was warranted.
Mr Godbolt said Wood's "personal yield' from his fraudulent activity was somewhere between $120,000 and $150,000.
The court was told Wood's 24-year legal career and long-time marriage ended in the wake of his criminal activity and that he has since been declared bankrupt.
Judge Michael Noud, in sentencing Wood, said: "The facts (of this case) are complex."
"You were (in essence) taking (money) from one client and then taking money to pay another client and (then) there was this snowballing (effect).
"I do not overlook the suffering you have caused to others ... (but accept this) is not a case of (personal) greed."
However, Judge Noud said this was a case worthy of the maximum penalty and jailed Wood for 10 years.
"I think is in the worst category of this (type of offence)," he said.
He recommended Wood be eligible from parole after serving three years in custody.
In December 2008, the QLS announced Woods had been had been struck off the solicitors register after an audit of accounts at his firm revealed discrepancies of at least $5 million.
