Ex-Mayer Partner Gets 7 Years Over Refco

, New York Law Journal

Former Mayer Brown partner Joseph P. Collins was sentenced yesterday to serve seven years in prison for helping Refco Inc. executives defraud investors of $2.4 billion - crimes the judge said were motivated by "excessive loyalty" to his client. Mr. Collins, 59, of Winnetka, Ill., who had sought a sentence of mostly community service, shook his head as Southern District Judge Robert P. Patterson said that "the significance of what transpired here is the reason for the sentence." Judge Patterson agreed with defense lawyer William J. Schwartz of Cooley Godward Kronish that Mr. Collins did not profit from the fraud even though Assistant U.S. Attorney Christopher Garcia pointed toward the millions in legal fees accumulated by Mayer Brown from the Refco account.

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