Solicitor struck off over €1.4m deficit in clients’ funds

Paul D Madden bought €19,800 grand piano and paid personal credit card bills with funds

A solicitor has been struck off by the High Court after being found guilty of professional misconduct over a deficit of €1.4 million in client funds.

Paul D Madden bought a €19,800 grand piano and paid off personal credit card bills with the money, the court heard.

Mr Madden accepted he was "pushed on by greed" and motivated by "unnecessary greed", High Court president Mr Justice Nicholas Kearns heard.

Mr Madden said when the economic downturn hit, he had tried to keep his office going and had “committed the ultimate sin”.

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He apologised in court to his former clients for what he had done.

“I can’t make it up to those I have offended. I want to wholeheartedly apologise to the people, the local people,” he said.

Mr Madden, formerly practising as Paul Madden & Co Solicitors, The Diamond, Clones, Co Monaghan, had a sophisticated system involving a fictitious client file and false documents, which fooled the Revenue and accountants for years, barrister Paul Anthony McDermott, for the Law Society, said.

The court heard the Solicitors Disciplinary Tribunal made a number of findings of professional misconduct against Mr Madden concerning the deficit of €1.4 million in client funds in 2013, including that he used fund monies to pay credit card bills in 2006 and purchase a Bechstein grand piano and stool for €19,800 in August 2006.

Professional misconduct findings were also made regarding his failure to comply within a reasonable time with undertakings given in relation to his clients and several properties.

Compensation

More than €1 million has been paid out to date to Mr Madden’s former clients in compensation.

This case was one of the more serious cases to come before the tribunal, counsel added.

In a statement to the court, Mr Madden apologised for any embarrassment he had caused to the legal profession and to his family and staff, none of whom knew what was happening. He also apologised to his former clients.

Mr Justice Kearns granted the society’s application to strike Mr Madden off the roll of solicitors.