Lawyer Stephen McNamara claims he was conned into sham investments while stealing from deceased estates, court hears
An Adelaide lawyer who stole $500,000 from the estates of deceased people has insisted he was conned into sham investments, a court has heard.
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An Adelaide lawyer found guilty of defrauding deceased estates by funnelling almost $500,000 through sham investments has maintained he was conned, a court has heard.
Stephen McNamara faced trial and was found guilty last month on a total of 33 charges – 17 counts of theft and 16 counts of using fabricated evidence.
The 64-year-old was the managing partner at firm Commercial and General Law when he was entrusted to oversee the execution of two deceased estates — valued at $385,000 and $465,000 — between 2011 and 2015.
The court previously heard he moved the money from the firm’s trust account into other trust accounts, including the Legal Management Consultation Services and Andamooka Opal Stone trusts, and labelled the transactions as “investment”.
The fraud was uncovered when a beneficiary of one of the estates became frustrated with delays of being paid and lodged a complaint to the Law Society of SA.
McNamara also allegedly falsified certificates of investments and attached them to affidavits filed to the Supreme Court when he was being investigated.
Craig Caldicott, for McNamara, told the District Court on Monday his client, who suffered an aortic aneurysm while in custody, was the victim of a con and was “under the belief that the funds would come back at some stage”.
The funds were drained to pay off McNamara’s mortgage and business expenses but Mr Caldicott said the accused “didn’t have a lavish lifestyle”.
“He has lost his firm, his house, he hasn’t been able to practise … he had basically lost everything,” he said.
Prosecutor Michael Foundas said the accused was motivated by greed and was in cahoots with Andamooka Opal Stone Unit Trust.
He said a series of Skype messages showed McNamara was not duped and had a “clear inference that they were in this together”.
“He abused his knowledge … abused his position as a trustee in order to steal money,” he said.
“There is no explanation to excuse this offending. This offending is motivated by nothing other than greed.”
McNamara will be sentenced next week.