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Saturday, May 25, 2024 | Back issues
Courthouse News Service Courthouse News Service

Jury Rejects Fraud Charges Against D&L Execs

MANHATTAN N.Y. (CN) - A jury found several Dewey & LeBoeuf executives accused of falsifying business records innocent Wednesday on roughly half of the charges against them, but the jury was ordered to continue deliberating on the rest.

Former Dewey & LeBoeuf chairman Steven Davis, former executive director Stephen DiCarmine and ex-chief financial officer Joel Sanders still face substantial charges, including 15 counts of first degree grand larceny.

On Tuesday, the Manhattan jury told Acting Supreme Court Justice Robert Stolz that it couldn't come up with a unanimous verdict on most of the charges. Stolz told the jury Wednesday to issue any judgments it could come to a consensus to.

After the verdict came in Wednesday, Stolz instructed the jury to continue to deliberate on the remaining charges. Stolz said that if the jury could not reach a unanimous agreement on any count, then a new trial would have to be rescheduled in front of a new jury.

The Manhattan District Attorney's Office charged Davis, DiCarmine and Sanders with conspiring to steal from the firm's lenders and investors by artificially inflating the firm's revenue through false accounting entries. Dewey & LeBoeuf is no longer in operation.

Prosecutors filed 53 criminal charges against Sanders and 49 charges each against Davis and DiCarmine. Wednesday's verdict dealt only with the charges that dealt with some of the falsifying business records charges. The defendants still face charges of securities fraud, conspiracy, scheme to defraud and first-degree grand larceny.

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