Former Baker & McKenzie partner pleads guilt to money laundering and conspiracy to commit securities fraud
Baker & McKenzie has pled guilty to money laundering and conspiracy to commit securities fraud, and faces up to 15 years in jail.
Martin Weisberg was a top-ranked corporate lawyer in Bakers' New York office when he committed the fraud, telling three clients between 2006 and 2007 that $30 million of their money would not earn interest when placed in an escrow account. Weisberg took the interest on the money and sent letters to the clients on Bakers' letterhead showing false balances.
Weisberg was also faces charges from his time as a partner at Jenkins & Gilchrist, where he accepted $1.7 million to secretly issue discounted shares and submit SEC filings that omitted crucial information.
Prosecutors anticipate that Weisberg will get around eight years imprisonment when he is sentenced in September.
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