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In this tutorial, Joe explains the differences between commingling and conversion in a fiduciary context. Commingling occurs when a fiduciary, often a broker, mixes their own funds with client funds. In contrast, conversion involves using client funds for personal purposes, which can be viewed as theft. Joe illustrates this with a real-life scenario involving a broker, Bill, who collects money from clients and deposits it into a trust account. If Bill uses Sam's money from the trust account to make personal purchases, replacing it later with his own funds, this action constitutes conversion, as it misappropriates client money for personal use, despite Bill's belief that he is acting legally.
