Weiss Sentenced to 2 1/2 Years for Kickback Scheme: Mel Weiss, co-founder of the securities law firm Milberg LLP, was sentenced to 2 1/2 years in prison for illegally paying clients to file shareholder suits that prosecutors said earned $251 million in lawyer fees.
Weiss, 72, must also forfeit $9.75 million and pay a fine of $250,000. He pleaded guilty April 2 to racketeering conspiracy, admitting he helped secretly pay a stable of plaintiffs to file suits from 1979 through 2005. By using them to sue first, the firm was more likely to lead cases and reap larger fees.
Weiss, 72, must also forfeit $9.75 million and pay a fine of $250,000. He pleaded guilty April 2 to racketeering conspiracy, admitting he helped secretly pay a stable of plaintiffs to file suits from 1979 through 2005. By using them to sue first, the firm was more likely to lead cases and reap larger fees.
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