On Monday, May 8, 2017, after five days of deliberations, a Manhattan jury acquitted Firm client and former Dewey & LeBoeuf Executive Director, Steven DiCarmine, of state fraud charges, three years and two trials after they were initially brought against him.

“It’s an absolute joyous day for Stephen DiCarmine,” said Rita Glavin, Seward & Kissel Partner and Mr. DiCarmine’s attorney. “He never did anything wrong, he never should have been charged.”

Dewey & LeBoeuf, which once had nearly 1,400 lawyers, went bankrupt in May 2012, signifying the largest financial collapse of any U.S. law firm in U.S. history.

The criminal case that ensued against its executives was regarded as one of the most significant white-collar prosecutions brought by Manhattan District Attorney Cyrus Vance since he took office in 2010.

Prosecutors claimed the executives used illegal accounting adjustments between 2008 and 2012 to conceal the firm’s financial difficulties from investors in its bonds. Seven lower-level employees pleaded guilty to criminal charges in connection with District Attorney Vance’s investigation. The first trial ended in October 2015 when jurors, after four months of testimony and a month of deliberations, declared themselves deadlocked on most counts.

After the first trial, Justice Robert Stolz dismissed the most serious charge, grand larceny, and former Chairman Steven Davis struck a deal with prosecutors to avoid a second trial. Stephen DiCarmine and Joel Sanders, Dewey’s former CFO, prepared for the second trial, which began in February.

Rita Glavin of Seward & Kissel represented Stephen DiCarmine in the second trial, which has received extensive media coverage.

 

---

---