Securities Law, NYSE, NASDAQ & OTC Markets Listings & Compliance
Court Enters Final Judgment Against Francis Canellas
In its Complaint, the SEC alleged that in 2008 and 2009, Canellas, the Finance Director of Dewey & LeBoeuf, LLP, an international law firm, in conjunction with other employees and officers of the firm, devised a scheme, and directed his staff, to materially falsify the firm’s financial statements in order to meet certain covenants with its lenders. In 2010, Dewey & LeBoeuf conducted a $150 million private placement. Canellas defrauded investors by, among other things, assisting in drafting the firm’s private placement memoranda which incorporated Dewey & LeBoeuf’s fraudulent financial statements, for dissemination to investors.
Canellas consented to the entry of a judgment permanently enjoining him from violating Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. In addition, the judgment provides that the payment of disgorgement plus prejudgment interest, and the imposition of civil monetary penalties will be determined at a later date.
For further information about this securities law blog post, please contact Brenda Hamilton, Securities Attorney at 101 Plaza Real S, Suite 202 N, Boca Raton, Florida, (561) 416-8956, by email at [email protected] or visit www.securitieslawyer101.com. This securities law blog post is provided as a general informational service to clients and friends of Hamilton & Associates Law Group and should not be construed as, and does not constitute legal advice on any specific matter, nor does this message create an attorney-client relationship. Please note that the prior results discussed herein do not guarantee similar outcomes.
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Brenda Hamilton, Securities Attorney
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