1st Circ. Doubts Ex-State Street Exec's Bid To Ax Conviction

Law360, Boston (October 10, 2019, 1:36 PM EDT) -- The First Circuit on Thursday tackled for the first time the issue of whether the wire fraud law applies overseas as it voiced some skepticism over a former State Street Corp. executive’s argument that his crimes did not have enough of a tie to the United States to allow his conviction to stand.

Ross McLellan’s wire and securities fraud conviction — for supervising a scheme in which pennies per share were tacked onto massive international transactions for huge foreign clients without their knowledge — hangs largely on conduct committed in London, his attorney Martin G. Weinberg argued to the panel.

But the judges...

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