|  | | 2008 News and Press Releases | | |
HEADLINE NEWS:
Lawyer Pleads Guilty in Kickback Scheme
Staff Writer - The Associated Press
The New York Times. April 3, 2008
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Melvyn I. Weiss, co-founder of a prominent New York law firm, pleaded guilty Wednesday to a racketeering conspiracy charge in a kickback scheme. Mr. Weiss, 72, entered his plea under an agreement with prosecutors. He has been ordered to pay nearly $10 million in fines and forfeiture penalties, and could be sentenced to up to 33 months in prison at a later hearing. Asked by Judge John F. Walter of Federal District Court if he was pleading guilty, he said, “Yes, I am.” Mr. Weiss went on to apologize and said, “I take responsibility for everything.” Prosecutors have said that the Milberg Weiss firm, now called Milberg, made an estimated $250 million over two decades by filing legal actions on behalf of professional plaintiffs who received $11.3 million in kickbacks. A seven-year investigation brought guilty pleas by three of Mr. Weiss’s former partners. The firm dominated securities class-action suits, in which shareholders claim executives misled them about a company’s financial status. |
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