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Crime does pay.

Crime Does Pay

We heard that ex-FirstSouth S&L executive Howard J. Wiechern Jr. is being paid $500 a day by the Chicago law firm of Hopkins and Sutter, but we couldn't reach Wiechern to confirm it.

The law firm filed a $400-million lawsuit last summer in U.S. District Court at Little Rock against $1.8-billion FirstSouth's accounting firm, Deloitte Haskins and Sells (now Deloitte & Touche) for misreporting the thrift's financial condition.

The lead attorney, Marilyn Klawiter, wouldn't disclose last week if Wiechern is being paid. But her "no comment" seemed to imply there was a good chance Wiechern might be earning extra cash as an expert witness.

For a half-grand a day, Wiechern might know plenty.

Wiechern was found guilty in October 1990 of conspiring with two Dallas real estate developers to manipulate loan guaranties. His conviction came after testimony from FirstSouth's past president, Roderick D. Reed, who was convicted for his involvement in the thrift's collapse.

Who better than Wiechern to help Klawiter unravel the accounting mysteries of FirstSouth?
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Title Annotation:former FirstSouth S&L executive Howard J. Wiechern helps prosecute accounting firm Deloitte Haskins and Sells for misreporting of financial statements
Publication:Arkansas Business
Date:Jun 10, 1991
Words:172
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