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Four E&Y Tax Partners Indicted for Tax Shelters
The rocky KPMG tax shelter prosecution has not made the U.S. Attorney’s Office for the Southern District of New York gun-shy about bringing complex tax cases, as evidenced by the indictment of four tax partners from national accounting firm Ernst & Young on conspiracy, tax evasion, false statement, and obstruction charges (indictment below). Three of…
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Barclays Settles SEC Insider Trading Case
Insider trading can happen in lots of different ways, and Barclays Bank PLC chose an interesting one: using information from the creditors committees of bankrupt companies to trade in their debt securities. Steven Landzberg, a defendant in the case along with Barclays, was the bank’s representative on the creditors committees for six different companies, and…
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Scrushy and Siegelman Ask for No Prison Time
Motions have now been filed by former CEO of HealthSouth Richard Scrushy and former Alabama Governor Don Siegelman asking that the court give no prison time to the pair.(see Al.com here) This is in sharp contrast to the government’s request of 30 years for Siegelman and 25 years for Scrushy. (see here) Perhaps what is…
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Plea in “Property-Flipping” Mortgage Fraud Scheme
A DOJ press release of the Central District of California reminds everyone that mortgage fraud prosecutions are still a top "item." The release tells of a plea agreement being reached with "[a] West Los Angeles mortgage banker, [who] agreed to plead guilty to federal criminal charges in a massive mortgage fraud scam that caused more…
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Death Penalty in Bribery Case
Just when one thinks that the recent white collar sentences have been usually high (e.g. Ebbers, Skilling), one finds a comparison of a sentence given outside the United States. In this case, the sentence is death, and the place is China. According to an article on Yahoo.com (AP), a drug regulator in China has been…
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Convictions Upheld for Samsung Execs in South Korea
The Wall Street Jrl reports that two Samsung executives convictions were upheld by the Seoul High Court. (esp)
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The Need to Curtail Prosecutorial Pressure in Corporate Agreements
Reading this article by Tom Fowler of the Houston Chronicle and this post by Tom Kirkendall of Houston’s Clearthinkers, it is clear that government pressure in reaching corporate agreements needs to be examined carefully. The article and post tell the story of Dynegy and the corporate conduct in response to government pressures. Kirkendall tells of…
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The Forthcoming Scrushy & Siegelman Sentencing
The upcoming sentencing of former Alabama Governor Don Siegelman and former HealthSouth CEO Richard Scrushy is definitely a sentencing hearing to follow. Siegelman found guilty of significantly fewer counts than charged with, but still facing sentencing on verdicts for bribery, conspiracy, mail fraud, and obstruction of justice, and Scrushy found guilty of all of the…
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Sterling Financial Uncovers Fraud
Sterling Financial Corporation, which owns banks in Pennsylvania, disclosed that an internal investigation uncovered a loan fraud scheme at its equipment leasing division. The company had disclosed on April 30 that its financial statements were no longer reliable, and the reason now is clear. According to the company’s 8-K (here): [The company] has been conducting…
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Nacchio Fights With Qwest Over Attorney’s Fees
Since his conviction on nineteen counts of insider trading, former Qwest CEO Joseph Nacchio has now run into problems with his former employer over payment of his attorney’s fees. The company has asked Nacchio’s attorneys to meet with its general counsel to discuss payment of his April legal bills, according to an AP story (here). …
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