Eric Holder’s Law Firm Tied to Alleged Ponzi Schemer Martin Shkreli’s Stock Offering at Retrophin

Eric Holder, who stepped down this year as the U. S. Attorney General after six years in office, rejoined the law firm he had left to accept the top slot at the Justice Department. That firm is Covington & Burling, which operates a revolving door between the Justice Department and its own front door. In addition to Holder, Lanny Breuer, who headed up the Justice Department’s criminal division under Holder, also returned to Covington & Burling after a devastating report by ABC’s Frontline on how his division had failed to seriously investigate crimes on Wall Street. Making the round trip between the Justice Department and Covington & Burling in 2010 was Steven Fagell, former deputy chief of staff at the criminal division, and Jim Garland, former deputy chief of staff to Attorney General Eric Holder. Dan Suleiman, former deputy chief of staff to Breuer at the Justice Department, rejoined the law firm in 2013, the same year as Breuer.
While Holder was in the position as the top law enforcement officer in the land, the firm he would rejoin, Covington & Burling, was serving as ‘counsel to the underwriters’ of a stock offering by Retrophin, then headed by CEO Martin Shkreli, the man the Justice Department is now accusing of looting Retrophin, a pharmaceutical startup, in a brazen Ponzi scheme type of operation.
Covington and Burling lawyers, Donald J. Murray and Eric W. Blanchard, are listed on the Registration statement filed by Retrophin on December 18, 2013. The law firm’s web site lists Murray as the Chair of the firm’s Securities and Capital Markets Practice Group and Blanchard as the Vice Chair. The law firm’s web site also lists an Associate, Gustavo Akkerman, as representing the ‘underwriters in the initial public offering of Retrophin, Inc., a biopharmaceutical company focused on treatment of catastrophic diseases.’

This post was published at Wall Street On Parade By Pam Martens and Russ Marte.


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