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Third Former General Re Executive Sentenced
See Dave Collins, (AP) Houston Chronicle, Ex-Gen Re executive gets 1 year in prison (w/ a hat tip to Bill Olis). See also Colleen McCarthy, Business Insurance Magazine, Former Gen Re finite exec gets one-year sentence For a discussion of the two individuals previously sentenced see here and here. (esp)(blogging from the Atlanta airport)
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NACDL & Heritage: Together in Bed Again
The NACDL and Heritage joined forces together again, this time opposing the Public Corruption Prosecution Improvements Act (S49) (see here). (see previously the opposition to S. 386, the Fraud Enforcement Recovery Act here). "Although the two organizations are, as they note in their letter, often ‘on opposite ends of the liberal-to-conservative spectrum,’ the two organizations
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Shortcuts on FCPA Due Diligence Today Will Be Costly Tomorrow
Guest Blogger, Sharie A. Brown of DLA Piper – The current financial crisis and market volatility understandably focuses corporate executives and their employees on corporate survival and improved financial performance. In my experience, corporate consolidations, divestitures, restructurings, and employee layoffs create organizational distractions that can distort sound judgment and reward short-term, but ill-conceived business solutions.
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Noisy Withdrawal
A lawyer suddenly withdraws his appearance and "disaffirms prior oral and written representations." This is referred to as a "noisy withdrawal." The setting here, which is important, is an SEC matter – thus triggering Sarbanes-Oxley (SOX). The experts seem to find that he acted correctly (see here and here). Christine Hurt of Conglomerate Blog provides
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The Future of White Collar Crime Press Investigations – Bleak
With the final edition of the Rocky Mountain News (see here), with newspapers across the U.S. closing (see here for an map that tracks the newspaper layoffs), one has to wonder about the future of white collar investigations that originate from the press. Press investigations and exposure of corruption have lead to prosecutions. It is
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In the News and Around the Blogosphere
Karen Gullo, Bloomberg, Bonds Steroids Trial Postponed as U.S. Appeals Evidence Ruling DOJ Press Release, Stanford Financial Group Chief Investment Officer Charged with Obstruction William Bender, Philly.com, Another Delco exec accused in swindle Michael Powell, William K. Rashbaum & Banjamin Weiser, NYTimes, Morgenthau Heads for Door, Legacy Assured ; Karen Freideld, Bloomberg, Morgenthau, Manhattan Prosecutor
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Fraud is the “In” Crime
The message is loud and clear – the DOJ has a growing number of alleged fraud cases dropping in its lap. The cases in some instances show an unraveling of a house of cards. And in many ways, the initial recent case – Madoff – can be seen as the impetus for people to start
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Vrdolyak Gets Probation
Former Chicago Alderman Edward Vrdolyak received a sentence of five years probation. See Chicago Tribune, No jail for Vrdolyak; Carol Marin, Chicago Sun Times, Fast Eddie and justice — hard to reconcile. Vrdolyak plead guilty to a conspiracy to commit mail/wire fraud. See Martha Nell, ABA Jrl Law News Now, Chicago Attorney and Ex-Alderman Ed
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Nacchio Conviction Reinstated
The Tenth Circuit en banc reinstated the convictions of former CEO of Qwest Communications International, Inc. (See opinion) A prior panel had found it improper to exclude defense expert testimony. In a 104 page decision (52 page majority), 5 judges on the Tenth Circuit held that "the district court’s exclusion of the testimony was not
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Scalia Voices Opinion on Section 1346 – “Chaos”
This blog has previously noted the problems with section 1346 of the mail fraud statute (see here). The "intangible rights" doctrine has been the subject of much concern. But Justice Scalia, in a dissent to a denial of certiorari, voiced a strong opposition to the progression of the intangible rights doctrine in a direction that
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