X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
A Connecticut federal jury on Friday found former Connecticut State Senate leader William A. DiBella and his consulting firm liable for aiding and abetting the state’s former treasurer in a fraud scheme. The jury’s finding that DiBella, who is the former majority leader of the Connecticut State Senate, violated federal securities law sends a strong message that misdeeds by public officials will not be tolerated, said David Bergers, director of the SEC’s Boston regional office. SEC v. DiBella, No. 04-01342 (D. Conn.) “DiBella’s conduct in connection with the former treasurer’s breach of his fiduciary duty to the investors in the state’s pension fund violated the public trust,” Bergers said. According to the commission’s complaint, former state treasurer Paul J. Silvester arranged for DiBella to receive a percentage of $75 million in state pension funds invested with a private equity firm. Silvester allegedly also increased the state’s investment in the private equity account from $25 million to $75 million to boost DiBella’s fee. The SEC said DiBella committed aiding and abetting violations of the Investment Advisers Act of 1940 for his role in the scheme. The SEC is seeking disgorgement of the funds by DiBella and his company North Cove Ventures LLC, a permanent bar prohibiting DiBella from serving as an officer or director of a public company and unspecified civil penalties. DiBella’s trial attorney, James A. Wade of Hartford, Conn.-based Robinson & Cole could not be reached for comment.

This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.

To view this content, please continue to their sites.

Not a Lexis Advance® Subscriber?
Subscribe Now

Not a Bloomberg Law Subscriber?
Subscribe Now

Why am I seeing this?

LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.

For questions call 1-877-256-2472 or contact us at [email protected]

 
Reprints & Licensing
Mentioned in a Law.com story?

License our industry-leading legal content to extend your thought leadership and build your brand.

 

ALM Legal Publication Newsletters

Sign Up Today and Never Miss Another Story.

As part of your digital membership, you can sign up for an unlimited number of a wide range of complimentary newsletters. Visit your My Account page to make your selections. Get the timely legal news and critical analysis you cannot afford to miss. Tailored just for you. In your inbox. Every day.

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.