Ex-Mayer Brown Atty Guilty Of Refco Fraud, 2nd Jury Finds

By Richard Vanderford (November 16, 2012, 5:49 PM EST) -- A federal jury on Friday found former Mayer Brown LLP partner Joseph P. Collins guilty of helping hide the $1 billion accounting fraud that destroyed brokerage Refco Inc., a second loss for the disbarred lawyer formerly based in Chicago.

Jurors found Collins, 62, guilty on seven of 10 counts he faced, including counts of securities fraud and conspiracy, for participating in what prosecutors called "the hole" — a scheme to secretly unload Refco's mounting debt to its parent company.

The trial was Collins' second in Manhattan federal court. He was found guilty in July 2009 on five of 14 similar counts,...

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