Ex-lawyer guilty of stealing $700,000

A former solicitor has been convicted of stealing almost $700,000 from an elderly client he held power of attorney for.

A Christchurch District Court jury found 69-year-old Brian Joseph Fay guilty on all seven charges the Serious Fraud Office brought against him.

He had denied five charges of theft by power of attorney, and two charges of theft by a person in a special relationship. The charges were different because the legislation changed during the seven-year period involved in the offending, from August 1997.

Judge Philip Moran granted bail when he remanded Fay to April 5 for a probation report and sentence.

He also asked for a report to be prepared on the outstanding money, and Fay's ability to pay reparations.

Some money has already been repaid, according to defence lawyer Chris McVeigh, but about half a million dollars is still unpaid - spent by Fay on gambling, overseas travel, school and university fees, horseracing expenses, and personal investments.

The Serious Fraud Office said Fay had stolen the money by taking it for his own purposes, but the defence claimed he had permission from the client.

The 85-year-old victim - a longstanding client of Fay's - was present in court when Judge Moran summed up this morning but was not there when the jury's guilty verdicts were announced.

The seven charges related to 109 transactions. The jury, which took three hours to reach its verdict, held that Fay was guilty on every one.

- NZPA