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In re Glorioso6/6/2002
ATTORNEY DISCIPLINARY PROCEEDINGS
This matter arises from a petition for consent discipline filed by respondent, Vincent J. Glorioso, Jr., an attorney licensed to practice law in the State of Louisiana but currently on interim suspension. For his misconduct, respondent proposed a three-year suspension from the practice of law. The Office of Disciplinary Counsel ("ODC") concurred in respondent's petition, and the disciplinary board recommended the proposed discipline be accepted.
UNDERLYING FACTS
The Henderson Matter
In 1994, respondent was retained to represent Yolanda Henderson in a personal injury matter. Shortly thereafter, respondent negotiated a partial settlement of Ms. Henderson's claims. In June 1994, respondent withheld the sum of $4,719 from Ms. Henderson's settlement to pay medical expenses owed to Charity Hospital. In April 1997, the balance of respondent's trust account fell to $3,600, below the amount necessary to satisfy Ms. Henderson's medical lien, resulting in a conversion of third-party funds. Respondent did not pay the sums owed to the medical provider until May 2001.
The Lawrence Matter
1. The Client Loan
In 1994, respondent was associated by counsel for Neysa Lawrence to assist in handling a case involving several tort and product liability claims against automobile dealers and manufacturers. The case involved four separate settlements in the course of the litigation, which was concluded in 1997.
In April 1996, Ms. Lawrence loaned respondent $52,000 from her settlement funds. Respondent failed to have Ms. Lawrence execute the written waiver of conflict required by the Rules of Professional Conduct. Respondent also failed to advise Ms. Lawrence that, prior to entering into the agreement, she was entitled to seek the advice of independent counsel in the transaction. Nevertheless, Ms. Lawrence did, in fact, consult with her original attorney before entering into the transaction.
As security for the $52,000 loan, respondent assigned to Ms. Lawrence his fee interest in three personal injury cases. The terms of the assignment called for the payment of the note in full upon settlement of the cases, or no later than eighteen months from the date of the original obligation. At the time of this assignment, however, respondent failed to disclose to Ms. Lawrence that he had previously assigned his fee interest in two of the three cases to another client, thereby diluting the value of the security interest.
In December 1997, respondent and Ms. Lawrence renewed the note and secured it with an assignment of respondent's fee interest in three different personal injury cases. At the time of this assignment, respondent failed to disclose to Ms. Lawrence that he had previously assigned a 50% fee interest in the three cases to the Glorioso Law Firm, thereby diluting the value of the security interest.
Respondent made timely interest payments on the note during the first year. He also made approximately $20,000 in principal payments. However, respondent was unable to pay the note in full on demand in 1999. In 2000, Ms. Lawrence filed suit against respondent to collect the balance owed to her. In April 2001, respondent repaid the entire outstanding balance of $32,000.
2. The Third-Party Medical Provider
In July 1997, respondent withheld the sum of $7,800 from Ms. Lawrence's settlement to pay a subrogation claim by Blue Cross for medical expenses. In November 1997, the balance of respondent's trust account fell to $830.64, below the amount necessary to satisfy the Blue Cross lien, resulting in a conversion of third-party funds. Respond
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