In re Ellis

Following his conviction on two counts of grand theft 1 (Pen. Code, § 487, subd. 1), petitioner was placed on interim suspension from the practice of law'by this court in December 1971, and the matter *444 was referred to the State Bar for hearings and recommendation. The local committee, and later the disciplinary board, found substantially the same facts surrounding petitioner’s offense although the board adopted new findings.

Petitioner was admitted to practice in 1954 and has no prior disciplinary record. In May 1968 he assumed the management and presidency of two Los Angeles collection agencies. At the time he undertook control, the agencies possessed trust .fund shortages of approximately $17,000, and within the next two months the shortages increased to almost $60,000, as revealed by an audit of the State Collection Agency Licensing Bureau (hereinafter “bureau”). 2 Following the audit, petitioner was informed the trust accounts would have to be reimbursed and that the agencies’ bankruptcy proceedings would not discharge his liability for the deficiencies. Subsequently, by borrowing $120,000, 3 petitioner cured the account shortages, and as of November 1968 the…