Disbarred NY Atty, Fla. Lawyer Indicted In Opinion Letter Scam

By Reenat Sinay (December 2, 2020, 4:30 PM EST) -- A disbarred New York lawyer and a Florida attorney were arrested and indicted Wednesday on securities fraud charges for an alleged scheme to produce opinion letters that falsely assured investors about the legitimacy of dozens of companies' securities offerings.

Richard Rubin, a Brooklyn-based former U.S. Securities and Exchange Commission lawyer who was disbarred in 1995, pled not guilty at his arraignment in New York on Wednesday, while Thomas Craft was slated to appear in Florida federal court. Both men have a hearing in New York federal court on Dec. 15.

According to the indictment, Rubin and Craft fraudulently wrote three different...

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