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Olympic Track Star Marion Jones Pleads Guilty
Former Olympic triple gold medal winner Marion Jones pleaded guilty to making false statements to federal agents in connection with the investigation of the Bay Area Laboratory Co-operative (Balco) steroids operation. Jones admitted to lying about her use of what she was told at one time was flaxseed oil but came to learn was a…
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Bad News for Bear Stearns
As if the meltdown of two of Bear Stearns’ large hedge funds over the summer wasn’t enough, it appears federal prosecutors are looking into whether the collapse of the funds involved any criminal conduct. The two funds, the High-Grade Structured Credit Strategies Fund and High-Grade Structured Credit Strategies Enhanced Leverage Fund, suffered over $1.6 billion…
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The Prosecution of Don Siegelman
Time magazine reports (here) that a key witness in the prosecution of former Alabama Governor Don Siegelman on corruption charges also told federal investigators that he made illegal campaign contributions to Republican officials, but that none of them were ever investigated. The Siegelman prosecution is the subject of an October 11 hearing before the House…
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Siemens Settles German Overseas Bribery Probe
Multinational industrial giant Siemens A.G. settled with German prosecutors the probe of corrupt overseas payments by its telecom unit by agreeing to pay €201 million. The company will also pay an additional €179 million to the tax authorities because it improperly deducted the foreign payments as ordinary business expenses. As discussed in an earlier post…
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Report of Insider Trading at EADS
A preliminary investigation by the French financial regulator Autorité des marchés financiers (AMF) indicates that a number of senior executives at Franco-German aircraft manufacturer European Aeronautic Defense & Space Co. NV (EADS) sold shares before the announcement of problems with the company’s largest development project ever, the A380. The AMF report was discussed in the…
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Leahy Wants Assurances From Mukasey
The imbroglio over the firing of eight U.S. Attorneys in 2006 has largely receded into the background, and there does not appear to be much interest in pursuing the issue on Capitol Hill. Judiciary Committee Chairman Patrick Leahy sent a letter to Attorney General nominee Judge Michael Mukasey seeking his assurances that the problems arising…
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Jury Selection Begins for Defense Contractor Accused of Bribing Duke Cunningham
Jury selection began for the trial of defense contractor Brent Wilkes, who is accused of giving former California Representative Randy "Duke" Cunningham over $600,000 in bribes and other benefits in exchange for the award of no-bid contracts. Wilkes had earlier subpoenaed twelve Representatives to testify at trial, which drew a motion to quash from the…
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York Settles FCPA Investigation
York International Corp., now a subsidiary of Johnson Controls, settled an investigation of overseas bribes by agreeing to a deferred prosecution agreement (available below) with the Department of Justice and a civil settlement with the SEC. The case involves a wide range of payments in violation of the Foreign Corrupt Practices Act, as described in…
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Former Cendant Chairman’s Conviction Affirmed
The conviction of former Cendant chairman Walter A. Forbes on conspiracy and filing false statement with the SEC, which resulted in a 107-month prison term, was affirmed by the Second Circuit. The court’s decision was issued in an unpublished order (here), and the discussion — if you can call it that — of the issues…
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Blackwater – What About the Corporation?
Erik Prince, CEO of Blackwater, says it is up to the Justice Department to investigate "and, if warranted, prosecute personnel involved in the deaths of Iraqi civilians." (Washington Post here) But the question should also be whether Blackwater, the company, could be held criminally liable if DOJ or the FBI finds conduct that demonstrates that…
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