Little Rock lawyer Gene Cauley has filed papers with the Arkansas Supreme Court that say he's surrendering his law license and has agreed to a plea deal with a federal prosecutor over allegations that he'd mishandled $9.3 million won for sharehholders in a securities lawsuit.
Here's the filing. He acknowledges committing a criminal act. He says he's being treated for depression, but says he accepts full responsibility for his actions.
It's the crash and burn of a high-profile career in which Cauley managed to build a long list of detractors in the legal community.
Under a voluntary surrender, Cauley can petition for readmission to the bar only after a five-year wait. The filing does not detail terms of what Cauley describes as a two-count felony plea deal on the fraud.
No word at this moment if this development means an end to Cauley's suit against former partners. In his filing with the Supreme Court, Cauley takes full responsibility for improper acts.
Arkansas Business updates with more details on the plea and the underlying charge.