Lawyer Accused of Stealing Money He Was Hired to Safeguard
A Nashville, Tenn., lawyer hired to recover money siphoned from a child-care program for poor children has been charged with misappropriating more than $100,000.
Lawyer David Weed was charged with two counts of official misconduct, the Memphis Commercial Appeal reports.
Weed was appointed in 2001 as receiver to recover funds for Cherokee Children and Family Services. An indictment says he converted some money from Cherokee’s receivership estate for his own benefit, but it doesn’t specify how much, according to the story.
The two-count indictment also accuses Weed of transferring funds from three insolvent insurance companies he controlled for the Tennessee Department of Commerce and Insurance into day-care accounts he controlled, then converting the money to his own use. Civil litigation alleges he took $115,000 from the account for his fees; Weed has claimed he was entitled to the money.
“Mr. Weed had been entrusted by the state of Tennessee and the courts to safeguard and watch over certain funds,” said Shelby County District Attorney General Bill Gibbons. “We allege that he misappropriated those funds and violated the trust placed in him.”
