What exactly does a former hotshot, corporate attorney do after a stint in jail following convictions of racketeering and obstructing justice?
Bloomberg got a glimpse, catching up with the four lawyers who used to run the law firm formerly known as Milberg Weiss Bershad Hynes & Lerach (now reduced to simply Milberg LLP). They all pleaded guilty and were convicted of secretly paying clients to hire the firm to pursue securities fraud class action suits in 2007 and 2008. Their illegal efforts brought the firm $251 million in fees from 1979 to 2005.
The first of the four to plead guilty In his indictment, David Bershad, wouldn’t divulge the details of what he is up to now, but said he is getting his life together. It was alleged in his 2006 indictment that he kept a cash-filled credenza in his office from which to pay plaintiffs.
William “It’s no fun being in prison” Lerach, who was previously denied permission to travel to Europe, has his sights on higher learning. A class called “Regulation of Free Market Capitaliam — Why We Have Failed” is in the works at an unnamed law school. His jail time resume includes writing in his diary and trying to convince other inmates to switch the television channel to CNBC.
Melvyn “Pops” Weiss is said to be practicing golf, doing charity work, and reflecting on his prison tenure. He claims to have been something of an elder figure in the big house, saying, “[other inmates] would call me Pops, because some of these people never had a father.”
But don’t worry, it wasn’t all Kumbaya for Pops in prison. “You have to get used to sleeping on a one-inch mattress on a metal frame, sharing toilets with 80 other guys. The food is not what you’re used to. The medical facilities are vastly understaffed,” he revealed.
The only party-pooper of the crew, Steven Schulman, declined to discuss his new life.
Read more at Bloomberg.
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