He pleaded guilty to grand larceny last month and is co-operating with the prosecution in a case to be heard by the New York Supreme Court. Confusion still surrounds the decision of the court not to reveal the names of the other six and not to allow the naming of Mr Canellas until now. Mr Canellas stands accused of working with ex-chairman Steven Davis and ex-executive director Stephen DiCarmine to mislead the banks by giving them distorted information. These two senior executives in the firm are also facing charges over the conduct of the firm’s financial business before it went into bankruptcy in 2012. Source: ABA
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