Bad Lawyers

Settlement Details with Two Former Dewey Execs Released by SEC
Download PDF
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)

DiCarmine and Sanders

Summary: The U.S. Securities and Exchange Commission released some details of the settlement with two former Dewey & LeBoeuf executives.

Two former Dewey & LeBoeuf executives made settlements with the U.S. Securities and Exchange Commission, with the details now being released. reported on the details on the settlement that were released by the SEC with Stephen DiCarmine and Joel Sanders.


The settlement agreement with the former executive director DiCarmine requires him to pay a $35,000 civil penalty. Sanders, the former Chief Financial Officer, agreed to a partial settlement. He is prohibited from serving as an officer or director of a public company plus there is a possibility he could be fined at a future time.

The SEC previously announced that there were tentative settlements with the two former executives, moving on Monday to realize the details of the proposed settlements. They are just waiting for approval from U.S. District Judge Valerie Caproni of the Southern District of New York.

In a trial against the Dewey executives after the firm collapsed in 2012, DiCarmine was acquitted of criminal charges but Sanders was found guilty of scheming to defraud, securities fraud and conspiracy charges. He was able to avoid jail time but must pay a $1 million fine and complete 750 hours of community service.

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!!

The executives were accused of lying to banks and investors about the state of the law firm. The SEC brought the civil charges against them for securities violations at the same time as the criminal charges filed by prosecutors in 2014. Settlements with the other former executives, like the ex-chairman Steven Davis, former finance chairman Francis Canellas, and ex-controller Thomas Mullikin, are still in the works. These former executives have made partial settlements, meaning they settled on liability but not damages. The SEC can still pursue sanctions against them as disgorgement, civil, and interest penalties. SEC attorney Howard Fischer said in a letter that they “intend to do so.”

An order from February is waiting for a motion schedule set by Caproni for the damages against Mullikin, Canellas, Sanders, and Davis.

DiCarmine was represented by Michael King, a solo practitioner formerly with Locke Lord. Sanders was represented by Brian Miller, Akerman’s securities litigation chairman.

Do you think the settlements are fair? Share your thoughts with us in the comments below.

To learn more about the legal cases against the Dewey executives, read these articles:




Associate Attorney Family Law

USA-CA-San Diego

FAMILY LAW-ASSOCIATE ATTORNEY Doppelt and Forney is a growing boutique law firm specializing in F...

Apply now

Associate Attorney


Job details Salary $50,000 - $58,000 a year Job Type Full-time Qualifications ...

Apply now

Real Estate Partner (100% Work From Home)


Culhane Meadows PLLC, one of the largest non-traditional distributed law firms in the country, ...

Apply now

Patent Partner for software, electrical, and electro-mechanical arts (100% Work From Home)


Culhane Meadows is actively seeking a registered patent attorney with  experience in the softwa...

Apply now




Search Now

Associate Attorney

USA-CA-Woodland Hills

Woodland Hills office of a BCG Attorney Search Top Ranked Law Firm seeks an associate attorney with ...

Apply Now

Associate Attorney


Braintree office of our client seeks associate attorney with 1-5 years of experience in civil litiga...

Apply Now

Criminal Defense Attorney


Raleigh office of a BCG Attorney Search Top Ranked Law Firm seeks a criminal defense attorney with 1...

Apply Now

Most Popular


To Top