Consider the curious case of Jay Lapine. Between 2003 and 2009, the onetime general counsel of McKesson HBOC Inc. successfully fought off two criminal indictments for financial reporting fraud. Then he settled civil charges with the Securities and Exchange Commission, agreeing to pay a $60,000 penalty and to not practice before the commission or act as an officer or director of a public company for five years. Sounds like a bitter pill to swallow.
But there was one sweet side benefit for Lapine (pronounced “la-PINE,” as in the evergreen tree). By not admitting any misconduct, he was able to escape disbarment proceedings brought against him in Ohio. A little-known Ohio Supreme Court ruling in December 2010 dismissed the disbarment case, citing the neither-admit-nor-deny settlement as failing to prove wrongdoing.
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