State Obtains Guilty Plea In Case Against Former Us Trust Officer For Destruction Of Email

New York State Attorney General Spitzer today announced the guilty plea of a former Assistant Vice President of United States Trust Company ("US Trust"), which operates the Excelsior Complex of Mutual Funds, for destroying evidence relating to the mutual fund investigation.

Steven R. Burton, of Scotch Plains, New Jersey, pled guilty in New York City Criminal Court to a misdemeanor violation of the Martin Act.

The charges against Burton stem from his deletion on September 5, 2003 of e-mails from his office computer following the service of a subpoena on September 3, 2003. The subpoena was served on Burton's former employer, United States Trust Company of New York, its U.S. Trust Affiliates, and the Excelsior Complex of Mutual Funds. Also on September 3, 2003, the Attorney General announced a settlement with Canary Capital Partners, which launched an investigation of the mutual fund industry.

The investigation was handled by Assistant Attorneys General Stephen Antignani, Michelle Maerov and Investigator Herbert Antomez, under the direction of Criminal Prosecutions Bureau Deputy Chief Kevin Suttlehan.