Ex-Dewey & LeBoeuf Executive DiCarmine Reaches Tentative SEC Settlement
DiCarmine was acquitted in 2017 at a second jury trial of fraud and conspiracy charges related to the collapse of the firm five years prior.
January 31, 2018 at 12:23 PM
2 minute read
Stephen DiCarmine leaves court on Tuesday Oct. 13, 2015. Photo Credit: ALM
Former Dewey & LeBoeuf executive director Stephen DiCarmine has reached a tentative settlement agreement with the U.S. Securities and Exchange Commission, according to a letter from his attorney to U.S. District Judge Valerie Caproni of the Southern District of New York filed Tuesday.
DiCarmine's attorney, Locke Lord of counsel Michael King, said in the letter that the settlement still required SEC review and approval.
The SEC's case against DiCarmine has been paused while he and others faced criminal charges in state court. In May 2017, DiCarmine was acquitted by a jury of fraud and conspiracy charges. It was the second attempt by the Manhattan DA's Office to bring charges against DiCarmine and former Dewey & LeBoeuf chief financial officer Joel Sanders, after the first case resulted in a mistrial in 2015.
While DiCarmine was acquitted, Sanders was found guilty on the same charges for scheming to deceive lenders and investors in the firm ahead of its May 2012 bankruptcy.
The SEC brought securities violations charges against DiCarmine, Sanders and three other former Dewey & LeBoeuf executives in 2014. Caproni granted a stay on the proceedings pending state criminal trial proceedings. The stay was extended through December 2017 to allow for settlement talks. Later that month, Sanders announced his own tentative settlement agreement with the SEC.
DiCarmine remained the last defendant with pending SEC charges against him. On Jan. 22, Caproni lifted the stay in the case and set a Feb. 2 deadline for the case to move forward.
In his letter, King asked Caproni to again stay proceedings in light of the settlement agreement.
A spokesman for the SEC did not respond to a request for comment or to provide details of the settlement.
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