BRIEF-SEC sues five former officials at Dewey & LeBoeuf over alleged fraudulent 2010 bond offering

March 6 Thu Mar 6, 2014 9:57am EST

March 6 (Reuters) - * SEC files civil lawsuit against five former officials at dewey & leboeuf --

court filing * SEC files charges against steven Davis, Stephen Dicarmine, Joel Sanders,

Francis Canellas, Thomas Mullikin Related to alleged fraudulent April 2010

bond offering * SEC says investors relied on dewey's fraudulent and materially misstated

financial results for 2008 and 2009, which were incorporated into offering

documents * SEC says defendants orchestrated "a bold and long-running accounting fraud"

to conceal law firm's precarious finances * SEC says CFO sanders, director of Finance canellas, and controller mullikin

orchestrated the accounting fraud * SEC says senior management, including chairman Davis and executive director

dicarmine, were aware of and supported efforts to falsify dewey's financial

results * SEC says Davis, as chairman, authorized law firm to raise $150 million via

the bond offering, in which the "blatantly falsified" financial results were

presented to investors * SEC accuses defendants of violating federal securities laws; seeks to recover

illegal profits, impose civil fines on all defendants * SEC seeks to ban Davis, dicarmine and sanders from serving as officers or

directors of public companies * SEC lawsuit filed with U.S. district court in Manhattan