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United States prosecutors have dismissed fraud charges against four defendants in the case of U.S. v. Stockman, Et Al., including those against Paul Barnaba, the former director of financial analysis for Collins & Aikman Corp. Barnaba was represented by Barnes & Thornburg LLP attorneys Solomon and Adrienne Wisenberg.
Indicted nearly two years ago for securities fraud and conspiracy to commit securities fraud, Barnaba and his three co-defendants – former OMB Director David Stockman, Michael Stepp, and David Cosgrove – were scheduled to go to trial in May. But after reassessing the evidence, Lev L. Dassin, the Acting U.S. Attorney for the Southern District of New York, issued a media release on Friday in which he announced the dismissal of all charges because, “further prosecution of this case would not be in the interests of justice.”
On behalf of Paul Barnaba, Solomon L. Wisenberg and Adrienne Wisenberg issued the following statement:
“It is always a victory when justice is served as it was, eventually, in this case. When the headlines fade, and everyone moves on to their next case, Paul Barnaba will be left to pick up the pieces of his life. We are overjoyed for Paul, but we also acknowledge the toll this process has taken on him. Our Constitution is supposed to protect the innocent, and even though the eventual outcome of the case was correct, the public likely has no idea what sort of devastation an accusation like this can cause to an ordinary individual. Paul Barnaba is 39 years old. He was a salaried employee at Collins & Aikman. He had no stock options or ownership interest in the company. The investigation and indictment cost him virtually everything—his peace of mind for years of his life, his profession, and, until today, his faith in a system that is supposed to be built on the presumption of innocence.”
With more than 500 attorneys and other legal professionals, Barnes & Thornburg is one of the largest law firms in the country. The firm serves clients worldwide from its offices in Chicago, Indiana, Michigan and Washington, D.C.
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