Manhattan Assistant District Attorney Peirce Moser tried to make the case in his summation on Friday that Dewey & LeBoeuf’s alleged scheme to defraud banks and other investors was directed by the firm’s top executives, Steven Davis and Stephen DiCarmine.
Throughout the morning, Moser repeated the assertion that Davis and DiCarmine, respectively chair man and executive director of the now-defunct firm, told former chief financial officer Joel Sanders that the firm had to meet covenants with its banks. He claimed that Sanders drafted the firm’s director of finance, Francis Canellas, into a scheme to artificially inflate the firm’s bottom line. Canellas then allegedly brought aboard a slew of others.
