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



 

Interesting Legal Sites You May Like


BCG FEATURED JOB

Locations:

Keyword:



Search Now

Corporate, Mergers and Acquisitions and Securities Associate Attorney

USA-NY-New York City

New York City office of our client seeks corporate, mergers and acquisitions and securities associat...

Apply Now

Business Litigation Attorney

USA-CA-Santa Monica

Santa Monica office of our client seeks business litigation attorney with 1-3 years of experience. T...

Apply Now

Intellectual Property Litigation / Enforcement Associate Attorney

USA-CA-San Francisco

San Francisco office of our client seeks intellectual property litigation / enforcement associate at...

Apply Now

Eminent Domain Attorney

USA-TX-Richmond

Richmond office of our client seeks eminent domain attorney with 5+ years of experience. The candida...

Apply Now

RELEVANT JOBS

Hotline & Training Managing Attorney (IMMIGRATION)

USA-NY-New York City

The Hotline & Training Services Managing Attorney will guide, develop, and supervise the Hotline sta...

Apply now

Associate Attorney

USA-CA-Sacramento

A civil plaintiff’s law firm is hiring for an associate attorney, preferably with strong resea...

Apply now

Associate Attorney

USA-TX-San Antonio

One of Texas\'s largest Personal Injury Law firm seeks a highly motivated associate attorney with 3-...

Apply now

Associate Attorney

USA-TX-Dallas

One of Texas\'s largest Personal Injury Law firm seeks a highly motivated associate attorney with 3-...

Apply now

SEARCH IN ARCHIVE

To Top