Former Dewey & LeBoeuf finance director Francis Canellas, a key witness in the long-running criminal case over the firm’s collapse, told a New York jury on Monday that the now-defunct firm failed to tell lenders about its struggles to pay vendors and partners in the years before its 2012 bankruptcy.
On the third day of direct questioning by Manhattan assistant district attorney Peirce Moser, Canellas returned to many of the same themes explored in his earlier testimony in a retrial against former Dewey CFO Joel Sanders and former executive director Stephen DiCarmine. Prosecutors accuse Sanders and DiCarmine of scheming to mislead the firm’s lenders and investors about its finances.
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