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Cyrus R. Vance, Jr.

District Attorney, New York County

For Immediate Release
May 08, 2017

DISTRICT ATTORNEY VANCE ANNOUNCES TRIAL CONVICTION OF JOEL SANDERS, FORMER CFO OF DEWEY & LEBOEUF

Manhattan District Attorney Cyrus R. Vance, Jr., today announced the trial conviction of JOEL SANDERS, 59, former Chief Financial Officer of now-bankrupt law firm Dewey & LeBoeuf LLP, for defrauding the firm’s lenders and investors. SANDERS was convicted by a New York State Supreme Court jury of Scheme to Defraud in the First Degree, Securities Fraud (in violation of the Martin Act), and Conspiracy in the Fifth Degree. He is expected to be sentenced on October 6, 2017.

“Joel Sanders used his position as Chief Financial Officer to mask the failing financial health of Dewey & LeBoeuf, leading insurers and lenders to believe the firm was still above water,” said District Attorney Vance. “For years, the firm’s financial department – led by Sanders – orchestrated a scheme to hide and manipulate its losses, directing employees to alter accounts to feign compliance with the firm’s lending agreements. With today’s verdict, a top executive has been held accountable, in addition to the seven employees who have already pleaded guilty. This Office is committed to prosecuting financial criminals at all levels of an organization, whether it is a small business, a major corporation, or a prestigious law firm.”

Assistant District Attorneys Peirce R. Moser, Chief of the Tax Crimes Unit; David Drucker, Senior Trial Counsel; Gregory Weiss; Steve Pilnyak; Sarah Sacks, Senior Investigative Counsel; and Christopher Conroy, Chief of the Major Economic Crimes Bureau, handled the prosecution of this case under the supervision of Executive Assistant District Attorney Michael Sachs, Chief of the Investigation Division. Investigative Analyst Claire Simon and Trial Preparation Assistants Anne Clark and Kate Levien assisted with the case. 

District Attorney Vance thanked Special Agent Sylvia Hilgeman of the FBI. 

JOEL SANDERS, D.O.B. 3/10/1958 

Convicted:

  • Scheme to Defraud in the First Degree, a class E felony, 1 count
  • Securities Fraud, NYS Martin Act, a class E felony, 1 count
  • Conspiracy in the Fifth Degree, a class A misdemeanor, 1 count