New York prosecutors have accused the three top lawyers of hiding financial problems at Dewey & LeBoeuf from their auditors and partners. Dewey & LeBoeuf’s Ex-Chairman Steven Davis, former Executive Director Stephen DiCarmine and ex-CFO Joel Sanders,  face multiple counts of grand larceny, fraud and other charges for allegedly falsifying audits and records to make the firm appear financially healthy from 2008 to 2011.

Financial crisis

Prosecutor Steve Pilnvak alleged that the three ‘lied’ to lenders and investors to the tune of $200 million. However, defense lawyer Elkan Abramowitz said his client Steven Davis was innocent and that the failure of the firm had nothing to do with his client. It occurred because of the financial crisis and greedy partners leaving the firm when told they would not be getting big bonuses, he claimed.  Source: New York Post