Biglaw

“The Master Plan” Revealed During Dewey & LeBoeuf Trial
Download PDF
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...

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.”

  
What
Where


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.

Get JD Journal in Your Mail

Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!




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.

Source: http://www.law360.com/articles/678742/da-touts-dewey-master-plan-doc-as-key-cooperator-testifies

Photo: cnbc.com



 

RELEVANT JOBS

Commercial Real Estate Paralegal

USA-FL-Altamonte Springs

Full Job Description Commercial Real Estate Paralegal 5+ Years Experience Miller Johnson Law, an...

Apply now

Litigation Paralegal (Bilingual Preferred)

USA-NV-Las Vegas

Bilingual Litigation Paralegal Company Description:   We are one of Nevada’s premi...

Apply now

Real Estate Paralegal

USA-FL-Hallandale Beach

We are a boutique law firm concentrating on residential and commercial real estate transactions, and...

Apply now

Corporate and Contracts Paralegal

USA-VA-Alexandria

Cancer strikes more than 10 million people worldwide each year. As the leading medical society repre...

Apply now

BCG FEATURED JOB

Locations:

Keyword:



Search Now

Senior Business Immigration Associate Attorney

USA-VA-Arlington

Arlington office of our client seeks a senior business immigration associate attorney with 6-8 years...

Apply Now

Insurance / Litigation Associate Attorney

USA-FL-Miami

Miami office of our client seeks an insurance/litigation associate attorney with 2-3 years of civil ...

Apply Now

Employment Associate Attorney

USA-NY-East Syracuse

East Syracuse office of a BCG Attorney Search Top Ranked Law Firm seeks associate attorney with 4 ye...

Apply Now

Most Popular

SEARCH IN ARCHIVE

To Top