2012 annual report - Supreme Court - State of Ohio

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REVENUEATTORNEY REGISTRATION FEESEvery licensed Ohio attorney is required to register with the Supreme Court ofOhio on or before the first day of September in each odd-numbered year and, unlessregistering for inactive status, must pay a $350 registration fee. All registrationfees are placed in the Attorney Services Fund. The Clients’ Security Fund is fundedentirely with funds allocated from the Attorney Services Fund. Since establishing theCSF in 1985, the Supreme Court of Ohio has allocated more than $17.3 million fromthe Attorney Services Fund to the CSF.During fiscal year 2012, the Court allocated $1.4 million for the payment of claimsand $398,181 for the payment of operating expenses. The CSF expended $371,173, or93 percent of the allocation, for operating expenses, and $931,023.93, or 66 percent ofthe allocation, for the payment of claims and attorney fees. Amounts allocated for thepayment of awards are transferred to the CSF trust account at the Huntington NationalBank. The trust account balance on June 30, 2012, was $1,109,034.96.INTEREST INCOMEThe CSF board chair, with the approval of a board majority, manages and invests thefunds allocated from the Attorney Services Fund for the payment of CSF awards.Gov. Bar R. VIII, however, limits investments to short-term insured obligations of theU.S. government. Interest income is not, therefore, a major source of revenue for theCSF.During fiscal year 2012, the trust fund earned $678.13 in interest income.TRUST FUND ALLOCATIONS$1,400,000$1,200,000$1,000,000$800,000$600,000$400,000$200,000$019881990199219941996199820002002200420062008201020126
COLLECTIONSPrior to receiving an award from the Clients’ Security Fund, each claimant mustexecute a complete release and subrogation agreement. Based on the assignment ofrights in the agreement, the fund initiates collection proceedings against the dishonestattorney. The amounts collected are deposited into the CSF trust account.For the period July 1, 2011, through June 30, 2012, the fund received $105,215.08 inrestitution revenues:• $7,568.58 was collected by the Ohio Attorney General’s Office• $2,382 was collected by outside counsel (Weltman, Weinberg & Reis, Co.,L.P.A.)• $17,022 was recovered through voluntary payments• $73,272.50 was recovered through court-ordered probation and/or restitution• $4,970 was collected as a result of repayment agreements obtained by theCSF.SUBROGATION PROCEEDS$140,000$120,000$100,000$80,000$60,000$40,000$20,000$0198619881990199219941996199820002002200420062008201020127
Page 1: 2012 annual reportClients’ Securi
Page 4 and 5: Clients’ Security Fund of OhioJER
Page 7: INTRODUCTIONThe Clients’ Security
Page 10 and 11: BOARD OF COMMISSIONERSMEMBERSCUNIJO
Page 14 and 15: CLAIMS PROCEDUREINTAKE AND EVALUATI
Page 16 and 17: CLAIMS ACTIVITYThe CSF board of com
Page 19 and 20: AWARDS BY DISCIPLINED OR DECEASED A
Page 21: CONCLUSIONThis report confirms that
Page 24 and 25: OHIO LAWYERS INVOLVED IN AWARDS SIN
Page 37 and 38: APPENDIX BCLIENTS’ SECURITY FUND
Page 39: AFFIRMATIVE ACTION14) Have you repo
Page 42 and 43: and no-front-end-load money market
Page 44 and 45: is made, the date of the alleged wr
Page 46 and 47: FORMER COMMISSIONERSCLIENTS’ SECU
Page 48: The Supreme Court of OhioClients’

2012 annual report - Supreme Court - State of Ohio

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