He did what? Kevin Cassidy pleaded guilty today (8/15) to one count in the criminal case against him. Statute 18 U.S.C. § 371 - which is the general conspiracy statute.
In my mind there are still a lot of open, unanswered questions - but - I think it is also important to admit that the game is different now. I have no insight into what contingency plans have been put in place for this outcome - but it would be my assumption that the lawyers on both sides are figuring out what to do next in the civil cases.
Federal guidelines calls for a 30 to 37 month prison term. An interesting coincidence is that by the time Cassidy appears for sentencing, by my count, it will have been 37 months since he was indicted. (November 13, 2008 to December 15, 2011 = 37 months) (in effect doubling the time Cassidy's life will be impacted by taking this plea - if you add his house arrest time to the maximum sentence. )
Links to some press clips:
Reuters:
Bloomberg:
Worth Noting: It is true that Cassidy had a previous criminal record, and it is true that he did not disclose it in SEC filings. What some reporters keep missing is that back in 2008 Judge Kaplan ruled that Cassidy's criminal past did not need to be disclosed in SEC filings.
Here are some press clips that avoid dredging up Cassidy's previous criminal record.
The Terra News quoted Chad Bray of the Wall Street Journal as saying that Cassidy admitted in court that he failed to provide independent quotes regarding the value of Bank of Montreal's natural-gas options positions and that he knew this was wrong at the time.
The Globe and Mail (Canadian)
Forbes:
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