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Nacchio Convicted on 19 Counts of Insider Trading
Former Qwest CEO Joseph Nacchio was convicted on 19 counts of insider trading and acquitted on 23 other counts by a jury in Denver, Colorado. According to a report from the Rocky Mountain News (here), the acquittals came on the counts during the earlier part of the five-month period charged in the indictment, and the…
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Grilled Gonzales
Attorney General Alberto Gonzales faced sharp questioning for five+ hours before the Senate Judiciary Committee as he discussed the process by which eight U.S. Attorneys were fired in December 2006. Having listened to a fair amount of the hearing, the Attorney General’s testimony boiled down to the following three points, reiterated ad nauseum: he does…
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Former Class Action Attorney Agrees to Plea and Will Receive a Ten-Year Sentence
Former Miami plaintiffs class action attorney Louis S. Robles will enter a guilty plea to mail fraud charges for defrauding asbestos clients out of over $13 million that will result in a ten-year prison sentence, according to a Daily Business Review article (here). At one time, Robles represented over 7,000 asbestos clients, and according to…
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The Fight Over Ken Lay’s Assets
While the Supreme Court denied certiorari challenging the abatement of Ken Lay’s convictions (see earlier post here), the fight over his assets continues in the U.S. District Court for the Southern District of Texas. According to a Houston Chronicle report (here), Lay’s widow, Linda, filed papers in the government’s civil asset forfeiture case claiming that…
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A Gambler Gets Nailed in Lonely Hearts Scam
Love is certainly blind, and it can cause people to fall for a fast-talking scam artist out to take advantage of them. Patrick M. Giblin, who formerly frequented the casinos in Atlantic City and Las Vegas, received a 115-month sentence for defrauding more than 100 women he met through telephone dating services. After contacting women…
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SEC Accuses GC of Insider Trading
The SEC filed a civil enforcement action accusing Kevin J. Heron of selling shares in Amkor Technology, Inc., while he served as the company’s general counsel, ahead of corporate announcements. Making it unlikely that he can offer an ignorance defense, Heron’s responsibilities included serving as the chief insider trading compliance officer at the Arizona semiconductor…
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Will Congress Grant Goodling Immunity in the U.S. Attorneys Firing Probe?
The House Judiciary Committee has a meeting scheduled for April 18 to consider whether to grant immunity to Monica Goodling, a former senior adviser to Attorney General Alberto Gonzales who asserted her Fifth Amendment privilege and refused to testify about the process that led to the firing of eight U.S. Attorneys. According to a statement…
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Probation for DC Developer
Carol D. Leonnig of the Washington Post reports on developer Douglas Jemal being given probation for a wire fraud conviction. This appears to be an important sentencing decision as the judge decided to give probation despite prosecution arguments for jail time. The judge’s rationale, as provided in the Washington Post article, is that "he compared…
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$10.5 Million for Resolution Related to Marketing of Cancer Drug
A DOJ Press Release reports that "Cell Therapeutics Inc. (CTI) of Seattle, Wash., has agreed to pay the United States $10.5 million to resolve allegations of the company’s illegal marketing of the anti-cancer prescription drug Trisenox." This case was resolved by the Department of Justice within the civil division. (esp)
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Student Loan Investigation Expands
New York Attorney General Andrew Cuomo is not wasting any time in his new position to demonstrate that his office will actively investigate business practices that he believes warrant scrutiny. We reported here, here, and here on the student loan investigation he is pursuing. According to the Wall Street Jrl here, that investigation is now…
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