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Twenty-Year Sentence for Bank Fraud
The former president of E.S. Bankest, a south Florida factoring company, received a twenty-year term of imprisonment for convictions for a decade-long bank fraud and money laundering scheme that resulted in over $164 million in losses to the Espirito Santo Bank, a Portuguese bank. According to a press release (here) issued by the U.S. Attorney’s…
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SEC Identifies English Trader in Petco Insider Trading
The SEC filed an amended complaint (here) identifying a heretofore unknown purchaser of out-of-the-money call options in Petco in July 2006 before the company announced it was being taken private. The SEC identified suspicious overseas trading in the weeks before the announcement, and filed an "unknown purchasers" complaint three days after the deal became public…
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DC Circuit Rejects Search of Privileged Materials in Congressman’s Office
The District of Columbia Circuit Court of Appeals ruled that the search of Louisiana Representative William Jefferson’s House office violated the Speech or Debate Clause to the extent FBI agents viewed "legislative materials" there. On the issue of the interference by members of the Executive Branch in the operation of the Legislative Branch, the opinion…
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“For Obvious Reasons, Someone _________ Would Be Best”
The Department of Justice released more documents (here) related to the firing of nine U.S. Attorneys in 2006. An e-mail from Kyle Sampson, Attorney General Alberto Gonzales’ former chief of staff, to fellow DOJ officials Michael Elston, Williams Moschella, and Monica Goodling, has an interesting redaction. There was an exchange of e-mails in mid-January 2007…
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The Cooperation Vise
The Wall Street Journal (here) and Washington Post (here) have interesting articles on possible criminal charges against board members of Chiquita Brands International for payments to a Columbian paramilitary group to protect the company’s operations. While Chiquita settled the case by pleading guilty and paying a $25 million fine, the investigation of individuals has moved…
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Jennings Shows, But Rove Does Not
Scott Jennings, the White House deputy political director, showed up on Capitol Hill to testify — somewhat — before the Senate Judiciary Committee looking into the firing of nine U.S. Attorneys. But top Presidential aide Karl Rove did not appear, based on the assertion of Executive Privilege (letter from Counsel to the President Fred Fielding…
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Another Emily Litella Moment for the Attorney General
Attorney General Alberto Gonzales sent a letter to Senate Judiciary Committee Chairman Pat Leahy (available below) trying to clarify his testimony that there was not any serious dispute within the Administration over the Terrorist Surveillance Program, despite testimony from former Deputy Attorney General James Comey and FBI Director Robert Mueller that seemed to be to…
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Lord Black Stays Put in the U.S.
U.S. District Judge Amy St. Eve turned down Lord Conrad Black’s request that he be allowed to return to his home in Toronto while he awaits sentencing. After his recent conviction on wire fraud charges, the court permitted him to remain free until the sentencing scheduled for November 30 by continuing his $21 million bail…
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British Airways and Korean Air Plead Guilty to Price Fixing
The Antitrust Division of the Department of Justice announced that British Airways and Korean Air entered guilty pleas for violating the Sherman Act for fixing prices for passenger tickets and freight charges. Each airline will pay a $300 million fine and cooperate in the government’s continuing investigation. According to a DOJ press release (here): The…
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ISSI and Former CFO Settle Options Backdating Civil Charges
High tech circuit manufacturer Integrated Silicon Solution, Inc. (ISSI) and its former chief financial officer settled SEC civil fraud charges related to options backdating at the company from 1997 through 2005. According to the SEC Litigation Release (here): The Commission’s complaint against ISSI and Fischer, filed in the Northern District of California, alleges that Fischer…
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