An Eastern Cape Lawyer Found Guilty Of Stealing R500K From Trust Fund
According to the Hawks, Eastern Cape attorney Karl Olinger was found guilty on multiple counts of theft of trust fund money totaling nearly R500,000 on Wednesday. Olinger, 64, was convicted in the East London Regional Court on Tuesday, according to spokeswoman Captain Yolisa Mgolodela.
As a practicing attorney between 1999 and 2007, Olinger received trust funds on behalf of his clients but did not use the funds for the intended purpose. As a result, a number of his clients filed complaints with the Hawks’ Serious Commercial Crime Investigation team in East London for further investigation.”
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According to Captain Mgolodela, an investigation by the Hawks revealed that Olinger received proceeds from the sales of a number of immovable properties but did not distribute the proceeds to his client.
“In another instance, he was instructed by a client to recover funds owed to the client by debtor. The debtor paid the funds into the trust account of the accused, however he did not pay the funds over to his client.
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The accused further represented the Maletswai municipality in recovering outstanding rates from a municipal client. The unpaid municipal rates were paid into the trust account of Olinger and he did not pay the funds over to the municipality.”
She said Olinger was also appointed as an executor in winding up the deceased estate.
“The complainant paid a total of more than R181,000 in respect of the winding up of the estate. He did not finalise the winding up of the estate.
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She also stated that Olinger was ordained as an executor in the administration of the deceased’s estate.
The accused was again appointed as an executor of a second estate. He received a total amount of more than R319,000 in respect of the estate. The claims against the estate amounted to no more than R197,000 but Olinger only disbursed an amount of less than R173,000.”
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She asserted that the Hawks’ investigation revealed that Olinger tainted his client’s cash to the value of more than R467,000. On May 9, he was scheduled to be sentenced.
