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New KPMG Related Indictment
The former KPMG partner is charged with "participating in a conspiracy to defraud the IRS by [allegedly] concealing fee income received by [the accused] and his co-conspirators from tax shelter transactions." He is "also charged for [allegedly] conspiring to defraud a company located in Saipan …. of the right to the honest services of its
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Indictment of KPMG Related Individual
An indictment was issued today to a former "partner or ‘member’ of the accounting firm KPMG." More details will follow, but for now, the Indictment and forfeiture claim are below. Indictment – Download pfaff_indictment.pdf Forfeiture – Download pfaff_civil_forfeiture_complaint.pdf (esp)
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In the News
Economist – Enron Revisited: Is Jeff Skilling Innocent? Denver Post – SEC’s Nacchio Suit Could be Stalled Atlanta Jrl Constitution – State Rep Pleads Guilty to Money Laundering DOJ – Northern District of Georgia – Mother and Daughter Plead Guilty to Fraud Charges (Tax Related) Houston Chronicle – Olis Case May Affect Many Others Fortune-CCN
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White Collar Sentence Reversed – Too Short
The Second Circuit Court of Appeals in the case of Cutler v. United States, vacated the sentence and remanded for a new sentencing, stating in part: "procedural errors, the clear factual errors, and the misinterpretations of the § 3553(a) factors discussed above–in particular of the needs to provide just punishment, to afford adequate deterrence of
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Gideon – 45 years old today
45 years ago, Justice Black issued the famed decision in Gideon v. Wainwright. One would have never suspected then that the right to counsel would be an issue in white collar cases. One has to wonder whether the high cost of legal fees makes it difficult for many facing these complex cases to receive the
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In the News
WSJ – Ex-Student Finance Chief Gets One-Year Sentence DOJ – Former Commissioner of the Virgin Islands Department of Health Sentenced for Theft of Government Funds ** Legal Profession Blog – What do needles and vials in Vegas have in common with Jeff Skilling’s appeal? (Recommended highly – a wonderful piece by Nancy Rapoport) Sidley Austin
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What Others Are Saying About the Nacchio Decision
My analysis of the decision is here, and commentary is here. What are others saying? WSJ Blog here. Wall Street Jrl here. Larry Ribstein’s Ideoblog here. Doug Berman’s Sentencing Law & Policy Blog here. Washington Park Prophet here. TalkLeft here. Denver Post here. NYTimes (Reuters) here. Cara Ellison here. (esp) Addendum – Stephen Bainbridge’s Business
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Nacchio Commentary
"Armchair economics is not the way to decide complex securities cases."This line from the Tenth Circuit decision in the Nacchio case says it all. The decision discussed here recognizes that white collar crime cases are not simplistic cases. Document cases need to be explained to the jury, and this can require testimony from qualified experts.
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Nacchio Reversed and Remanded for New Trial
The Tenth Circuit Court of Appeals reversed and remanded the case against Joseph Nacchio, the former CEO of Qwest Communications International, Inc., who had been convicted of nineteen counts of insider trading. The court stated that "the improper exclusion of his expert witness merits a new trial, but we conclude that the evidence before the
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Guilty Verdict in Securities Case
A DOJ Press Release notes how "[a] federal jury has found five former executives of National Century Financial Enterprises (NCFE) guilty of conspiracy, fraud and money laundering, following a six-week trial and less than two days of deliberation." The press release noted that "[t]he Columbus, Ohio, jury returned the guilty verdict on all charges contained
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