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Dewey Day 2: CFO Just 'Blunt,' Says Lawyer, as Accountants and Ex-Partner Take Stand

, The Am Law Daily

   | 2 Comments

The second day of a criminal trial of three former Dewey & LeBoeuf leaders saw the lawyer for ex-chief financial officer Joel Sanders tell a jury Wednesday morning that his client worked hard to keep the now-defunct firm afloat, but did nothing illegal. The final opening statement came before the prosecution called its first witnesses—two accountants and a former Dewey & LeBoeuf partner—to testify.

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What's being said

  • Mark Santiago

    Mr. Frisch is correct, "Phantom Income" is an accounting term. It occurs when book and cash income are at variance and usually has a tax consequence.It does not refer to manufacturing income by creating invoices or re-dating stale invoices.That practice is called fraud by auditors and lawyers.

  • Mark Santiago

    Mr. Frisch is correct, "Phantom Income" is an accounting term. It occurs when book and cash income are at variance and usually has a tax consequence.It does not refer to manufacturing income by creating invoices or re-dating stale invoices.That practice is called fraud by auditors and lawyers.

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