Fugitive lawyer David Rasif (picture), who allegedly disappeared with $12 million of his clients' monies, could be struck off the roll next month. The Law Society has applied to the Supreme Court to strike Rasif, 47, off the roll, to suspend him or to censure the lawyer.
The Supreme Court has granted the Society's application and Rasif now must show cause before the court next month. Even if Rasif fail to turn up next month, the Law Society intends to proceed with the hearing.
Over three days last year, the lawyer had allegedly withdrawn $12 million from the clients' accounts of his law firm, David Rasif and Partners. He then used the monies to buy $2 million worth of jewellery and $1.65 million of gold bars before he disappeared in Bangkok on June 5 last year.
The Law Society called Rasif's misappropriation "dishonourable both to him and the profession".
Rasif is accused of committing 58 offences, with the Law Society applying to proceed with 35 charges. The charges mainly relate to the misappropriation of clients' monies and failure to record financial transactions in the law firm's accounts.
The bulk of the money in the accounts came from a property deal advance he received from an American couple. They have sued Rasif and six other parties — including the jeweller who sold the gems. Hearing of this suit is ongoing.
A warrant is also out for Rasif's arrest for criminal breach of trust, an offence which can carry a 10-year jail term and a fine or life in prison. Rasif's misdeeds resulted in a tightening of rules on how lawyers can handle their clients' monies in May.
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