Under a deferred prosecution agreement finalised last Friday, prosecutors said they will dismiss the charges against Mr Davis after five years, as long as he doesn’t commit any crimes in that period or practice law in the state of New York. Mr Davis has not admitted any wrongdoing under the agreement.

Maintaining their innocence

Attorneys for Dewey’s former executive director, Stephen DiCarmine, and ex-chief financial officer, Joel Sanders, said their clients are prepared to take the case back to court, despite plea deals being offered that would have required having a felony on their record. Both have maintained their innocence.

October mistrial

New York state court Judge Robert Stolz declared a mistrial in October after a jury failed to reach verdicts on the major counts against the trio. They were accused by the Manhattan district attorney’s office of orchestrating a scheme to defraud Dewey’s lenders in the years leading up to its 2012 collapse. Source: The Wall Street Journal