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Commonwealth of Massachusetts

NO. BD-2002-028


S.J.C. Judgment of Disbarment entered by Justice Sosman on August 30, 2002.1


On April 11, 2002, the respondent was convicted in the United States District Court for the Eastern District of Pennsylvania of obstruction of a proceeding before the Securities and Exchange Commission (SEC) in violation of 18 U.S.C. § 1505, a felony. He was sentenced to three months of imprisonment followed by two years of supervised released, and he was fined $20,000.

Mr. McCarthy’s conviction arose from his attempt to obstruct and impede an SEC investigation into bond refundings by the Commonwealth of Pennsylvania in 1994. The respondent had actively supported the Pennsylvania Treasurer in his bid for that office, and his law firm received a share of fees paid on the refundings undertaken after the election. Part of the SEC’s investigation addressed whether Pennsylvania had paid excessive fees, whether all parties with an interest in the transactions had made the required disclosures, and whether any person had exercised improper influence.

In October 1996, the SEC served a subpoena on the respondent requiring the production of documents relating to his communications with various entities involved in the refundings and his relationship with the Treasurer’s Office of the Commonwealth of Pennsylvania. The respondent instructed employees of the law firm to delete information from the computer files. The respondent lied under oath that he had produced all documents called for by the subpoena, and he concealed the extent of his involvement in refundings.

On July 10, 2002, the respondent filed an affidavit of resignation acknowledging that he had been convicted of this crime. Bar counsel asked for a recommendation from the Board of Bar that the court accept the affidavit of resignation and enter an order of disbarment.

On August 12, 2002, the Board of Bar Overseers voted to recommend to the Supreme Judicial Court that the affidavit of resignation be accepted and an order of disbarment enter. The board’s vote and the affidavit of resignation were filed with the county court on August 20, 2002. On August 30, 2002, the Supreme Judicial Court for Suffolk County (Sosman, J.) accepted the affidavit of resignation and entered a judgment of disbarment effective immediately.

1 The complete Order of the Court is available by contacting the Clerk of the Supreme Judicial Court for Suffolk County.

2 Compiled by the Board of Bar Overseers based on the record before the Court.

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