A Kelowna-based lawyer is no longer practicing after his involvement in a Ponzi scheme.
Tim Travis with Law Society of BC says Doug Welder, who has practiced since 1981, has had five infractions that involved suspensions.
“Given his record for suspensions and practice issues, as well as a serious issue regarding a Ponzi scheme that billed clients out of 1-point-6 million dollars, it was determined by the hearing panel that he should be disbarred.”
“From my understanding and talking to the lawyers involved, it meant that he took money from the client, put it into his trust account – at a time when he knew that the BC Securities Commission had put a cease-trade order on the investments in that company.”
While he wasn’t a perpetrator of the scheme, Travis says Welder claimed to be a part of a company identified by the BC Securities’ Commission as being a part of these schemes.
He says Welder collected money in that company’s name.
Travis also says that, to his knowledge, it’s the first time he’s seen a lawyer involved in such a scheme.