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Former Bear Stearns Managers Indicted
The founder and former senior portfolio manager of two Bear Stearns hedge funds, and a former portfolio manager of the funds were indicted for conspiracy, securities fraud, and wire fraud. One of the individuals was also charged with insider trading. The case is the classic case of the funds going down and everyone then looking
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Commentary on Safavian Reversal
It all started back in September of 2005 when David Safavian, " [a] former General Services Administration (GSA) official was arrested on charges of making false statements and obstructing an investigation by the GSA’s Office of Inspector General (GSA-OIG)." (press release). And it all pertained to Jack Abramoff and a golf trip. (see here and
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Safavian Conviction Overturned
Matt Apuzzo, AP – Conviction Thrown Out in Abramoff Scandal Commentary to Follow. (esp)
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In the News and Blogsphere
David Marcus, SDFL Blogspot, Former Atlanta Mayor Bill Campbell (provides thoughtful commentary to Bill Rankin’s AJC Article – Ex-mayor misled officials to enter rehab program, documents say) Brian Baxter, AMLaw Daily, Former Bear Stearns Managers Could Face Securities Fraud Charges Carrie Johnson, Washington Post, Ex-Civil Rights Official’s Testimony Under Review DOJ Press Release – German-Based
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Milberg – Non Prosecution Agreement
A DOJ Press Release reports that the Milberg law firm will receive a non-prosecution agreement at a cost to them of $ 75 million. "The Justice Department has agreed not to pursue criminal charges against the law firm, which has agreed to employ a compliance monitor and enact “Best Practices Program” for two years." See
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Rove Willing to Talk About Siegelman, But Not the Others
In a letter to Karl Rove’s attorney we see John Conyors, Jr., Chair of the Subcommittee on Commercial and Administrative Law saying that "[a]s Committee staff made clear, and as we indicated in our May 1 letter, the proposal that we somehow seek to separate the Siegelman matter from the broader issue of politicization of
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In the News
Chronicle of Higher Education (subscription required) – Former Director of Alabama Fire College Found Guilty of Stealing $1.5-Million Ovetta Wiggins, Washington Post, Md. Couple Indicted in Fraud Probe: Scam Allegedly Cheated Lenders And Homeowners Jeff Coen, Chicago Tribune, Ex-Chicago Department of Buildings supervisor gets 15 months for taking bribes DOJ – Texas Businessman Found Guilty
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Former Refco CEO: What Will the Sentence Be?
Former CEO of Refco, Phillip Bennett is set for sentencing on July 3rd. He plead guilty (see here) to what the government called a 2.4 billion dollar fraud. With white collar sentences often determined by the amount of loss, this figure raises questions of whether this guilty plea will match a sentence with a comparable
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Mortgage Fraud: A US Attorney’s Office Shows the Strength of a Coordinated Effort
Without doubt, mortgage fraud is a top concern these days. The FBI is making it a key focus (see here; see also Robert Schmidt, Bloomberg, FBI Halts Some Cases to Investigate Mortgage Frauds). Attorney General Mukasey has opted against setting up a separate task force to handle these cases. (see here). Thus, U.S. Attorney offices
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In the News
Bob Martin, The Montgomery Independent, U.S. Attorney Offices in Northern Middle Districts are being probed by the Justice Department for possible political prosecution in the Siegelman cases (previously discussed here, here and here) DOJ Press Release – Ex- Finance Director of Soka University of America Pleads Guilty in $1.7 Million Embezzlement DOJ Press Release –Santa
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