Former Mayer Brown Partner Settles SEC Aiding & Abetting Charges

The SEC announced that on June 11, 2010, a settled final judgment was entered by the U.S. District Court for the Southern District of New York against Joseph P. Collins, a former partner with the law firm Mayer Brown LLP, in the Commission's action alleging that he aided and abetted a financial fraud at his longtime client, Refco Group Ltd. As alleged in the Commission's complaint, Collins substantially assisted Refco Group Ltd. and its corporate successor, Refco Inc. (hereinafter, together Refco), in concealing hundreds of millions of dollars in related party indebtedness and related party transactions. The final judgment against Collins, to which he consented without admitting or denying the Commission's allegations, enjoins him from violating the antifraud provisions of the Securities Exchange Act of 1934.

Collins was convicted of conspiracy, securities fraud, and wire fraud in a related federal criminal prosecution. In January 2010, Collins was sentenced to 7 years in prison.