A local attorney being investigated by the North Carolina State Bar for mishandled funds from an estate account is closing up shop and moving away.
Lewis (Lew) Waddell, who lives in Conover, said he plans to retire and close his Newton law office. He plans to leave the area and go to live with his son, saying he no longer has family in North Carolina.
Waddell, on Friday via e-mail, didn’t want to say where he would be moving.
The State Bar was granted an injunction against Waddell that forces him to turn over his financial records. The injunction said the State Bar’s preliminary investigation indicates that Waddell may have mishandled funds from an estate account. Waddell has cooperated with the State Bar, according to officials.
Waddell is accused of making two $10,000 withdrawals from an estate without the knowledge or consent of the estate executrix, who was the only person authorized to make withdrawals.
Waddell called it a misunderstanding. In an e-mail Friday, Waddell said he and the State Bar have worked out the matter and all funds will be replaced.
In early January, Waddell said he thought he had signature powers but when he found out he didn’t, he planned to put the money back in. He said he took the money out of the account to resolve the final matters of the estate.
The injunction filed against him prohibits Waddell from accepting any funds from clients, withdrawing funds or writing checks from an account from which client or fiduciary funds have been deposited. It also demands he turn over any financial records and receipts of accounts that client or fiduciary money has been deposited. It also demands any records and files of current and former clients.
The injunction also prohibits him from “serving as an attorney-in-fact (serving as someone’s power of attorney), trustee, executor, personal representative or in any other fiduciary capacity.”
The injunction will remain in effect until further order of the court, the injunction says.
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