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Once More Into the Enron Nigerian Barge Trial
The Houston Chronicle reports (here) that the government has decided to retry the three Merrill Lynch defendants accused of helping Enron by arranging a sham transaction to purchase and then resell Nigerian Barges at the year-end in 1999. The three executives are Daniel Bayly, the firm’s former head of investment banking; James Brown, who headed…
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Goodling’s Attorney Fires Back at the House Judiciary Committee
Monica Goodling, the senior counsel to Attorney General Gonzales who has refused to testify about the U.S. Attorney firings by asserting the Fifth Amendment, has rejected a demand from the House Judiciary Committee that she explain why she is asserting the self-incrimination privilege. A letter from her lawyer, Akin Gump’s John Dowd (available below), states…
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On to the Defense in the Nacchio Prosecution
The government rested its case-in-chief in the prosecution of former Qwest CEO Joseph Nacchio on insider trading charges related to his sales of over $100 million in stock in 2001, right before the shares went into a tailspin. The defense now starts presenting its case, and there is a substantial controversy already about whether law…
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Barnes & Noble Finds Backdating, But No One Is to Blame
A special board committee at Barnes & Noble, Inc. determined that there were numerous instances of stock options backdating, but concluded that everyone received the benefit so no one was to blame for the "mistakes" in the process because there was no intent to defraud. According to a press release (here): The Special Committee indicated…
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Taking the Fifth — More Problems in the AG’s House
The actual procedure of taking the Fifth Amendment can present many procedural difficulties for the individual intending to invoke this Amendment. This is particularly true in high profile and political cases, as the effect of taking the Fifth may lead some to believe that the individual is guilty. CBSNews reports that Representatives Conyors and Sanchez…
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Another Target in the Abramoff Sphere of Influence
When former Deputy Interior Secretary Steven Griles entered a guilty plea to making a false statement to a Senate Committee, he admitted he lied when he testified that his relationship with former superlobbyist Jack Abramoff was nothing special. In fact, Griles’ then-girlfriend, Italia Federici, introduced Abramoff to him, giving Abramoff a special "in" with Griles. …
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Cheese Company Executives Found Guilty
Two former executives of Suprema Specialties, Inc., a publicly-traded specialty cheese company in New Jersey, were found guilty of 38 counts of conspiracy, bank fraud, and securities fraud related to fictional revenues at the company, which collapsed in 2002. Mark Cocchiola, a founder and former CEO of the company, and Steve Venechanos, its former CFO,…
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Alleged Export Violations
Two from South Carolina were indicted as part of a "15-count indictment, which was returned by a federal grand jury in the District of Columbia and unsealed on March 23, [that] charges the defendants with violating the International Emergency Economic Powers Act and the Arms Export Control Act and with acting as illegal agents of…
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There Goes the Spring Break Trip
The costs of the U.S. Attorney firings has claimed another victim: Attorney General Alberto Gonzales’ spring break vacation. The father of three sons, the AG canceled a planned vacation to prepare for a hearing on the Department of Justice budget before the Senate Appropriations Committee on April 10, and then the big one before the…
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New Century Bites the Dust
Subprime lender New Century Financial delayed the inevitable as long as possible, finally declaring bankruptcy after having its lines of credit cut off and soured loans returned to it by purchasers. With the company in bankruptcy, a key issue now will be sorting out any possible responsibility if fraud is discovered in a federal criminal…
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