Pierce Bainbridge Beck Price & Hecht founder John Pierce is on a leave of absence from the firm as an internal investigation showed he accepted money from a lender for personal use, according to a statement from a law firm spokeswoman Monday.

“A preliminary investigation has revealed that John M. Pierce accepted money from Karish Kapital LLC for his personal use. Mr. Pierce is on an indefinite leave of absence from the firm,” said Holly Baird, who identified herself as a spokeswoman representing the firm.

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