The former executive director of the defunct law firm Dewey & LeBoeuf L.L.P. was acquitted of all charges Monday, while the firm’s CFO was convicted on two felony fraud charges and a misdemeanor count of conspiracy.

Stephen DiCarmine was cleared, but Joel Sanders was found guilty by a jury in a state trial court in New York. The verdict came after five days of deliberation. Mr. Sanders is expected to be sentenced on October 6, the Manhattan District Attorney’s Office said.

“Joel Sanders used his position as chief financial officer to mask the failing financial health of Dewey & LeBoeuf, leading insurers and lenders to believe the firm was still above water,” District Attorney Cyrus Vance Jr. said in a statement. “For years, the firm’s financial department – led by Sanders – orchestrated a scheme to hide and manipulate its losses, directing employees to alter accounts to feign compliance with the firm’s lending agreements.”

With the guilty verdict, Mr. Vance continued, “a top executive has been held accountable, in addition to the seven employees who have already pleaded guilty.”

Regarding Mr. DiCarmine’s acquittal, a spokeswoman for the Manhattan district attorney, said in a statement “we are disappointed, but we respect the jury’s conclusion that the evidence was insufficient to convict one of the two trial defendants.”

This was the second trial for the two men who faced charges that they lied to investors before the law firm, which had a significant insurance practice, went bankrupt. Former Chairman Steven Davis avoided a second trial by making a deal with prosecutors.

The judge in the 2015 criminal case declared a mistrial following over three weeks of jury deliberations. All three defendants were acquitted on several lesser counts of falsifying business records.

 “Mr. Sanders won round one, the first trial,” Andrew Frisch, Mr. Sanders’ attorney, said Tuesday. “And D.A. Vance won round two. We expect to win round three, the appeal, by a TKO. No New York appellate court has ever sanctioned the rebranding of acquitted conduct as a conspiracy or scheme.”

The defendants were accused of using illegal accounting adjustments to mask the firm’s shaky finances between 2008 and 2012 and convince lenders and investors, including Bank of America Corp. and HSBC Holdings P.L.C., that the law firm was still healthy, according to published reports.

Dewey & LeBoeuf was created from the merger of Dewey Ballantine and LeBoeuf, Lamb, Greene & MacRae. The firm once had as many as 1,400 lawyers, before going bankrupt in May 2012.