In 2009, Rounds filed for personal bankruptcy after a personal friend and attorney, Dan E. Miller, Esq. completed research and determined there was a chance Rounds could extinguish the judgments through bankruptcy. After filing chapter 7 bankruptcy, the federal bankruptcy judge ruled after two years of legal challenges by the SIPC trustee attorneys “that there was enough evidence of legal misconduct committed against Rounds by his former attorneys(Martin Berliner ,Brice Tondre, and others) that a new trial was merited.” SIPC acknowledged it would serve no purpose to go to trial 15 years later and possibly face embarrassment. SIPC had spent approximately $15 million to date with little to show for it and Rounds was more experienced, acknowledged his mistakes and had competent counsel. Rounds was confident he would win this go around. SIPC settled with Rounds for a painless $55,000 one-time payment and Rounds extinguished over $44 million in judgments. Rounds, after 15 years of litigation, was finally free to move on… Denis Mark, Esq. and Dan E. Miller Esq., who together successfully handled Rounds’ bankruptcy, have renewed Rounds’ faith that there are a few competent lawyers. Surprisingly, there was no gag order as a stipulation to the Rounds’ settlement. The settlement and release of liabilities were executed and made final on February 10, 2011. In effect, these two lawyers gave Rounds a “get out of jail card”. The handcuffs were finally off. Due to Rounds’ family, good friends and their tremendous support and the two lawyers all the legal issues were finally resolved. Rounds capitalized on his experience gained in the securities industry of over 40 years by managing family assets as a securities trader. Rounds did a complete and comprehensive estate plan back in the 80’s which allowed his wife, Joan to retain her assets which was the largest portion of their estate. Rounds estimated that this 15-year ordeal cost him over $20 million and damaged his reputation immeasurable. According to Rounds, “life couldn’t be better now. I have a wonderful family including five grandchildren(four boys and one girl), great friends, good health and I’m back in the saddle in the industry I love just in a different role. I’m back in the game as a securities trader, trading over $10 million in family related assets. I sincerely hope others will learn from my experiences. It’s a road from hell not worth travelling. One of my biggest mistakes was taking my attorney (Berliner) advice. According to several attorneys who were familiar with the facts, Berliner should have been disbarred for his misconduct. I learned later, I’m not the only one he has tossed under the bus. I should have know better, when he did little discovery, took no depositions, had no witnesses or expert witnesses. Moreover, when he elected to represent Fainter and the CIS board of directors whereas the conflicts were so obvious between the parties. I feel like an idiot but like your doctor you take their advise when you have a problem. It became evident when the lawsuits were filed against Berliner (and his former law firm) by myself, CIS board members and the SPIC Trustees lawyers that Berliner’s blatant disregard of the conflicts between the parties he represented became apparent. He was fully aware, as an experienced attorney of the legal consequences representing parties whereas the conflicts were so transparent. He continued the representations without offering waivers to the parties he represented which would of addressed those conflicts in writing and must be signed by all parties. If he would have offered the waivers disclosing the conflicts no one would have signed off, except of course Fainter. I should have listened to my gut and not Berliner and retained Texas counsel, sued the Texas banks for allowing McCormick to establish the fictitious CIS bank accounts and assigned any and all settlement proceeds and/or judgment(s) to McCormick’s victims which, if I did, this tragedy would have been avoided. Berliner could of acted as lead counsel and retain Texas counsel. I told him numerous times, “we need to sue the banks”. He mocked that idea. As lead counsel, and working in conjunction with Texas counsel he would of made considerable more in fees addressing the firm’s legal issues down the road which may arise. His short term greed got him sued. It should of got him disbarred. Berliner’s inflated ego and his little man complex mandated the need for him to control all defendants regardless of the conflicts. His behavior smacks of narcissism. He advised all of us,”you can’t point your finger at each other” which we bit into not knowing he should of withdrawn as counsel from the get go do to the conflicts. His greed and ego overshadowed is ethical and professional responsibility to his clients. It must of been humiliating for Berliner, as a seasoned securities attorney to be sued by SIPC and their trustee’s attorneys and by his former clients. I’m confident, the subsequent break-up of his law firm was do to the fact that SIPC and it’s trustee’s attorney’s sued Berliner and his former law firm. The ultimate settlement was for the maximum insurance policy limits of Berliner’s law firm. It must of been very difficult, if not impossible for any of those attorney’s in Berliner’s old law firm to get insurance in the future due to the disclosures required. Moreover, If I would have accepted my wife’s advice early on and not to have Fainter as a business associate this matter would have never occurred. My wife said of Fainter later, “he was like a cancer to the firm and to others”. He turned out to be a bogus friend. The lessons learned were painful. I have always sought to act with the utmost integrity in all my business dealings. My only excuse, it was in a clouded parted of my life. Why I allowed my lawyer to make my business decision is mind-boggling to me since I never did in the past. I had a lot of balls in the air at that stage in my life but that’s no excuse. I simply did not do the right thing. Which is something that dwells on me daily and I continue to ask for God’s forgiveness for my mistake which effected so many. My wife tells me now, “if I don’t forgive, I can never truly move on”. That is my most difficult challenge but I’m working on it. To be swayed by my lawyer and not to listen to my better judgment was a horrible mistake on my part. Suing Berliner and his former law firm and settling for their policy limits can never restore the loss of reputation, monetary loss or mental anguish or restore the hurt to my family. It was a loss of many wasted years that could have been directed to a more positive endeavor. I obviously can not change the past but if one person benefits from avoiding my mistakes it was well worth the effort to make this acknowledgment. I am deeply sorry for those who were hurt including all the firm’s former employees and to the 350 CIS’ licensed representatives when I had no choice but to shut down the firm and to the 107 Stanford Members I let down. My biggest regret however goes to my family which they were forced into this horrific legal battle and especially to my wife, Joan who is a pillar of strength exemplified by her intellect, wit, business savvy and her tenacity to face every legal challenge tossed her way without wavering. She stayed married to me after her lawyer advised her not to. She stood by her man. After 15 years, the battle is finally over with no winners except, of course the SIPC Trustee and his attorneys and much sorrow for all who have suffered but life is good and its time to move forward. I believe this setback is merely a set-up for a comeback. Everyone has a story and that’s mine…” NPR (All information contained herein is based on facts supported by court documents which is of public record)