“The Master Plan” Revealed During Dewey & LeBoeuf Trial
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Dewey & LeBoeuf LLP

Summary: The prosecution’s star witness, Frank Canellas, was able to give evidence into the roles that each defendant played in the downfall of Dewey & LeBoeuf LLP.

Dewey Chairman Steven Davis, Chief Financial Officer Joel Sanders, and Executive Director Stephen DiCarmine are facing criminal charges for their roles in the deception of investors and lenders of their financial state. The government’s key witness, Frank Canellas, testified Monday alongside evidence of a “The Master Plan.”


Read Former Dewey Partner Blames Greedy Partners, Not Firm Leaders to learn more about the case.

Canellas is the only person cooperating with the investigation and trial that has knowledge of each defendant’s role in the scheme. An email between the former Director of Finance and Client Relations Manager Zachary Warren detail the actions of the two in adjusting accounts. Warren is also facing charges for his involvement in the fraudulent actions of Dewey & LeBoeuf.

Read Emails in Dewey & LeBoeuf Trial Reveal Anger toward Chairman for more information.

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Many of Canellas and Warren’s adjustments were bogus, including one that turned $10.5 million in client disbursements in fees in 2008. Canellas testified that The Master Plan was crafted by Canellas, Warren, and Sanders at a dinner where the three devised a plan to deceive their lenders into thinking the firm was making $290 million a year in compliance with their cash flow covenants.

Read the case unravel more with Dewey & LeBoeuf Former Employees Try to Redirect Blame.

After dinner they went back to the office to look over the accounting adjustments. They were able to come up with ways to make up for the $51 million cash shortage that the firm is required to make by their lending agreements.

The latest in the case: Employee Backs Former Dewey & LeBoeuf Executives Claims

Canellas is the senior most member of the Dewey Secret Seven. The seven former employees have agreed to plead guilty to a range of charges and cooperate with prosecutors. Canellas plead guilty to grand larceny in exchange for the recommendation of two to six years in prison.





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