Many of our Lawyers of the Day tend to be solo or small-firm practitioners from non-major cities. Not so with today’s honoree, Joseph Collins. He’s a partner at Mayer Brown, one of the country’s biggest and most prestigious law firms, and he maintains offices in Chicago and New York.
From an article by Nathan Koppel in the Wall Street Journal (subscription; but also covered at the Law Blog):
In a rare case of a lawyer being charged in connection with the alleged wrongs of a client, Chicago lawyer Joseph Collins was indicted today on fraud and other charges in connection with the 2005 collapse of commodities and derivatives firm Refco Inc.
Federal prosecutors in Manhattan on Tuesday announced 11 counts against Mr. Collins, of the law firm Mayer Brown LLP, in connection with legal work he did for Refco, including documenting a series of “round trip loans” between related entities and outside investors that Refco completed to shift bad debt off its books from the late 1990s to 2005. The discovery of the transactions led to one of the swiftest collapses in Wall Street history.
Phillip Bennett, the former chief executive of Refco, and others have been indicted in connection with the Refco collapse.
“Acting hand-in-hand with Bennett, Collins made affirmative misrepresentations, material omissions, and told deceptive half-truths, all to assist Bennett’s scheme to steal more than $2.4 billion from potential investors,” the indictment said.
Yikes. And the indictment is coming out of the S.D.N.Y. — those guys are badass.
Neither Mr. Collins nor the firm got back to the WSJ in time to comment. But we were able to get a statement from Mayer Brown. Check it out, after the jump.
Here is the firm’s statement, which is pretty barebones. It notes that Joseph Collins “is on leave from the firm while the charges against him are pending.” If you’re feeling burned out from the Biglaw grind, and in need of a little sabbatical, maybe you should get yourself indicted?
Chicago Lawyer Is Indicted On Refco-Related Charges [Wall Street Journal via WSJ Law Blog]