Former Dewey CFO escapes jail time for misleading lenders before firm's collapse
Joel Sanders, the former chief financial officer of Dewey & LeBoeuf, won’t be going to prison for misleading lenders and bond buyers about the firm’s finances before its 2012 collapse.
Judge Robert Stolz of Manhattan sentenced Sanders on Tuesday to 750 hours of community service and ordered him to pay a $1 million fine, report Law360 (sub. req.) and the New York Law Journal (sub. req.).
The District Attorney’s office had sought up to four years in prison.
Sanders was convicted in May of securities fraud, a scheme to defraud and conspiracy. At the same time, jurors acquitted Dewey’s former executive director, Stephen DiCarmine, who had faced the same three charges. It was the second trial for both men after jurors in October 2015 deadlocked on some charges and acquitted on others.
Former law firm chairman Steven Davis was also partly acquitted in the first trial. He reached a deferred prosecution agreement to avoid retrial on the remaining charges. The deal called for a five-year ban on law practice in New York and a lifetime ban on practice before the Securities and Exchange Commission.