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Wall Street Meets “The Wire”
Guest Blogger – Gail Shifman In the 2009 sequel to the 1987 movie, Wall Street, one expects to see Michael Douglas’ Gekko talking on his cell phone on his way to a meeting in Baltimore where technology superstar and investor hottie, Tweetz, has its headquarters. The phone conversation is worth millions. Those on the phone
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“Largest Hedge Fund Insider Trading Case Ever Charged, Criminally”
These are the words of US Attorney Preet Bharara on the charging of six defendants "with allegedly making more than $20 million in profits through insider trading." (See Statement here) What is also noteworthy here is that this, a white collar case, used wiretaps. It isn't often that we see wiretaps in white collar cases,
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In the News & Around the Blogosphere
Rocco LaDuca, Uticaod.com, No jail sentences, but plenty of hurt for DDSO defendants- No evidence of kickbacks found in inquiry into issuance of state contracts DOJ Press Release, Minneapolis Packaged-Ice Company Agrees to Plead Guilty and Three Former Executives Plead Guilty to Customer Allocation Conspiracy DOJ Press Release, Chicago Man Accused of Posing As Federal
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The Problem With Extraterritorial Prosecutions -Getting the Witnesses
Carrie Johnson, Washington Post, Afghan Men Tricked Into U.S. Trip, Detained -Possible Witnesses Have Been Forced To Stay Since 2008 has a must read article on a key problem that arises when one prosecutes extraterritorial conduct – how do you get the witnesses into the United States. The saga of witnesses who were lured to the
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Safavian Gets One Year
A DOJ Press Release reports that "Former General Services Administration (GSA) Chief of Staff David H. Safavian was sentenced today to one year in prison on charges of obstruction of justice and making false statements in connection with the investigation into the activities of former Washington lobbyist Jack Abramoff." He also received two years of supervised
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Fourth Annual National Institute on Securities Fraud – Day Two
The opening session of the second day of the ABA's Securities Fraud Conference is a plenary session pertaining to the Foreign Corrupt Practices Act (FCPA) – clearly a "hot" topic these days. A panel moderated by Phillip H. Hilder, started with Mark F. Mendelsohn, deputy chief of DOJ's fraud section -criminal division, answering a question regarding how many
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In the News & Around the Blogosphere
Joe Palazzolo, Main Justice, Mistrial in Ring Case Mark Fass, NYLJ, Trial of Former Hedge Fund Managers Begins in Federal Court (esp)(blogging from DC)
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Three Cases to Discuss 28 words – The Year of the Mail Fraud Case
In a dissent on a Petition for Certiorari in the Sorich case, Justice Scalia expressed his view that section 1346 – the honest services definition used in mail/wire fraud statutes had "been invoked to impose criminal penalties upon a staggeringly broad swath of behavior, including misconduct not only by public officials and employees but also
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Questions Presented for Review in Skilling Case
Two Questions are Presented for Review in the Jeffrey Skilling case that has been accepted on Certiorari in the U.S. Supreme Court. They are: 1. Whether the federal "honest services" fraud statute, 18 U.S.C. § 1346, requires the government to prove that the defendant's conduct was intended to achieve "private gain" rather than to advance
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Supremes Accept Cert in Skilling Case
08-1394 SKILLING, JEFFREY K. V. UNITED STATES See here (esp)
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