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by Mike Caswell

The Law Society of British Columbia has begun proceedings against Vancouver lawyer Nicholas Peter Smith, citing him professional misconduct related his legal trust accounts. According to the Law Society, Mr. Smith allowed clients who were under investigation for securities fraud to move millions of dollars through the accounts. Despite the transactions being "objectively suspicious" and involving no substantial legal services, Mr. Smith made did not make any reasonable inquiries, the Law Society claims.

The allegations are contained in a brief citation that the Law Society issued on April 19, 2024. The sole respondent is Mr. Smith, who is one of the founding principals of Vancouver firm Legacy Tax & Trust Lawyers. He holds himself out as a specialist in tax and estate planning, with an emphasis on corporate reorganizations, taxes arising from acquisitions or sales, and business succession planning.

The case arises from money that moved through Mr. Smith's trust accounts over a four-year period, starting in October, 2014. (Lawyers operate trust accounts to handle client money, which is kept separate from other cash that law firms hold. The contents of trust accounts can represent money paid in advance to retain a lawyer or money for a specific transaction that the lawyer is assisting with.)

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