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Former Monster GC the Focus of Options-Timing Investigation
It’s not much fun being a general counsel when your company gets caught up in one of the myriad options-timing investigations. Media reports (see CNNMoney here) are that former Monster Worldwide GC Myron Olesnyckyj is squarely in the sights of federal prosecutors. Olesnyckyj was put on leave by the company and then terminated in November…
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Will Wittig Get Out of Jail Soon?
When the Tenth Circuit recently reversed the convictions of former Westar CEO David Wittig for securities fraud and false statements, it appeared that he would have clear sailing out of the FCI in which he has spent the past year. Wittig was first sent to jail for a bank fraud conviction not directly related to…
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Commit a Crime, Lose a Congressional Pension
The continuing investigation of corruption on Capitol Hill has triggered a move to strip any legislators convicted of certain offenses from receiving their pensions. A bill introduced in the House and Senate, the Congressional Pension Accountability Act, would forfeit any pension earned by a Representative or Senator convicted of violating the federal bribery/gratuity law, 18…
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Former GC Sentenced to Two Years
The former general counsel for Computer Associates, Steven Woghin, received a two-year prison term for his role in the accounting fraud at the company. Woghin pleaded guilty to conspiracy to commit securities fraud and obstruction of justice related to revenue inflation practices at the company that included the so-called "35-day month" when the last month…
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Cendant CEO Sentenced to 151-Month Prison Term
Former Cendant CEO Walter Forbes, convicted on conspiracy to commit securities fraud and false filing counts after two mistrials, received a twelve year, seven month prison term. Forbes was CEO of CUC before it merged with HFS in 1998 to form Cendant, and the revelation of significant accounting fraud at the company caused it to…
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But Is It “Material” Information?
The Wall Street Journal reports (here) that the New York Attorney General and the SEC are looking at whether consulting firms that use reports from corporate employees may have been passing inside information about the companies to hedge funds and other traders. The firms, Gerson Lehrman Group and Vista Research, retain large numbers of consultants,…
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Day One in LibbyLand
The trial of I. Lewis "Scooter" Libby opened today with voir dire, the questioning of the potential jurors. The Washington Post reports on the political questions asked of these potential jurors (here) and also tells about some of the "other" questions. Good defense attorneys start their defense in the voir dire. The questions the attorney…
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Refco Inc.’s Former Pres Indicted
Wall Street Journal reports that "Refco Inc.’s former president has been indicted on securities fraud and other charges." (esp)
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Libby Library
The following provide background on the Libby Prosecution. To access the achives by date, see here: Ground Rules Set for Libby’s Trial 1/12/07 Libby Argues No Underlying Crime 11/15/06 Court Denies Use of Expert in Libby Case 11/5/06 Pre-Trial Sparring in the Libby Prosecution 11/1/06 What the Memory Expert Did Not Remember 10/28/06 Even Libby…
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Ney Set For Sentencing This Week
Rep. Bob Ney is set to be sentenced this coming Friday and according to MSNNBC(AP) he may be arguing for a placement in rehabilitation facility to assist an alchohol problem. Ney plead guilty "to one count of conspiracy to commit honest services fraud, violating the one-year lobbying ban on congressional officials and making material false…
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