1st Circ. Affirms Ex-State Street Exec's Fraud Convictions

Law360 (May 20, 2020, 10:48 PM EDT) -- The First Circuit found Wednesday that a former State Street Corp. executive used domestic, rather than international, wires when he stole millions from clients by sneaking in undisclosed fees on massive transactions and rejected his bid to overturn a wire fraud conviction based on extraterritoriality issues.

In a unanimous, published decision, the panel upheld securities and wire fraud convictions against Ross McLellan, State Street's former global head of asset transitions, rejecting his argument that the wire fraud statute does not apply extraterritorially and that the lower court erred by failing to provide a jury instructions requiring it to find a domestic application...

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