Mayer Brown partner Joseph P. Collins was found guilty Friday of conspiracy and four other charges in connection with a massive fraud at now-bankrupt Refco Inc. Collins, who testified in his own defense that he was kept in the dark about more than $2.4 billion in debt hidden by top officials at the financial services firm, is scheduled to be sentenced Nov. 3. Technically, he faces a maximum of five years on the conspiracy count and 20 years on each of the substantive counts. However, he is likely to receive far less.
Mayer Brown Partner Convicted of 5 Counts in $2.4 Billion Federal Fraud
New York Law Journal
July 13, 2009