Lawyer banned for five years

The ban - imposed by the Victorian Civil and Administrative Tribunal - also stops him from handling trust fund money until July 1, 2018.

Mr Brereton, 52, who was attending to business affairs in the United States when the tribunal last heard his case in August, has also been ordered to pay $145,000 legal costs.

If he is allowed to work again as a lawyer in Victoria, he must undertake professional development units in ethics, professional responsibility and practice management.

The penalties stem from tribunal findings that he was guilty of nine misconduct counts and three of unsatisfactory conduct.

VCAT deputy president Mark Dwyer and members Lillian Cooney and Fiona Harrison said the charges related to Mr Brereton mixing his interests with those of clients, and his handling of trust money.

They said allegations against Mr Brereton arose from a retirement village development, two offshore transactions between companies for which he acted and two loans concerning music promoter Michael Gudinski and Zinn Records.

In its judgement on August 13, the tribunal found Mr Brereton misappropriated more than $2.3million of investors' money from the retirement village project.

The tribunal said it appeared the money came from Mr Brereton's trust account, and about half each went to entities associated with him, and with a business partner.

In a decision delivered yesterday, it said Mr Brereton's conduct was disgraceful and dishonourable, but was not necessarily equivalent to theft by intending to permanently deprive others.

"Brereton's misconduct rather reflected, to our mind, a brazen attitude that the trust monies were part of a common fund that could be borrowed or redirected to other of his business interests from time to time," the tribunal said.

"The findings in most instances reflect an intermingling of Brereton's business interests and his role as a lawyer . Brereton simply operated his trust account as a business account, with scant regard to his fiduciary obligations."

They said Mr Brereton's lack of remorse and insight about his wrongdoing was relevant to penalty considerations.