2nd Circ. Grants Partial Retrial To Convicted Doral Exec

Law360, New York (July 18, 2012, 9:00 PM EDT) -- The Second Circuit on Wednesday partially overturned a former Doral Financial Corp. executive's fraud conviction, saying a lower court erred in barring the man from fully defending allegations that he contributed to roughly $4 billion in shareholder losses by lying about the bank's risk management practices.

A three-judge panel said that a New York federal court should have allowed former Doral treasurer Mario “Sammy” Levis to argue that he helped control the bank's risk by hedging its positions in its mortgage pool assets.

The panel said...
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