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Things Are Heating Up in Alaska
As noted here an Alaskan state representative was recently indicted. But it looks like this might not be the end of things. According to the Anchorage Daily News , the investigation continues. Richard Mauer of the Anchorage Daily News provides an incredible detailed account of the investigation from start to present. But what remains to…
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Holiday Pardons Issued
The White House announced the issuance of sixteen pardons and one sentence commutation on Dec. 21, just in time for the holiday season. Of the sixteen who received pardons, eleven were convicted of offenses that generally fall into the category of white collar crimes. One recipient, Mark Alan Eberwine), was convicted of perjury in connection…
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“People Go to Jail for That One”
A third defendant involved in the sale of tax shelters by KPMG entered a guilty plea and will cooperate in the government’s prosecution of eighteen other defendants. Chandler Moisen, a businessman, worked primarily with one KPMG accountant located in Denver at the time to promote and structure the tax shelters. He entered a guilty plea…
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Lawyer Allegedly Leaked Bonds Grand Jury Testimony
A Yahoo.Com story (here) states that a former defense attorney for Balco (Bay Area Laboratory Co-operative) founder Victor Conte leaked the grand jury testimony of San Francisco Giants slugger Barry Bonds and perhaps other major league players who testified into the investigation of steroid manufacturing. Two San Francisco Chronicle reporters, Mark Fainaru-Wada and Lance Williams,…
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SEC Sues Two Former Tyco Executives for Accounting Fraud
The SEC sued two former Tyco Inc. executives for fraud, and it’s not the well-known former CEO Dennis Kozlowski and former CFO Mark Swartz, who are serving time after their convictions for grand larceny for diverting money from the company. Instead, the Commission sued Richard D. Power and Edward Federman for their role in a…
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What Do You Do with a Dozen Rolexes?
I’m always fascinated in reading about embezzlement cases to see what people do with the money. Some spend it on cars, luxury trips, or lavish gifts, while some seem to have a penchant for collecting things. An entry on the U.S Attorney’s Office for the District of Maryland’s blog (here) describes a nearly $400,000 embezzlement…
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What’s Worse Than One Tax Fraud Trial?
Well, that’s easy — two tax fraud trials! U.S. District Judge Lewis Kaplan decided to spare himself from having to try a second time the massive tax shelter fraud case with eighteen defendants, sixteen of them former partners and employees of accounting firm KPMG, by rejecting the government’s suggestion that the case be divided into…
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Tanker Company Pays $37 Million to Settle Pollution Charges
The Department of Justice announced that Overseas Shipholding Group Inc., a large publicly-traded tanker company, entered a guilty plea to thirty-three counts of environmental and other violations from ocean dumping by a number of its vessels. The charges include illegal dumping of waste oil, violations of the Clean Water Act/Oil Pollution Act, the Act to…
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Juniper Identifies the Hit From Options Backdating
High tech equipment manufacturer Juniper Networks, Inc., disclosed that its internal investigation of options issuance practices shows that award were backdated and that there are "serious concerns regarding certain former management." The company said it would take a $900 million charge, as a press release (here) explains: [T]he actual measurement dates for financial accounting purposes…
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Split Verdict in Enterasys Execs Case
Four former Enterasys executives were convicted on securities fraud and conspiracy charges, while another had an acquittal on one count and a hung jury on other counts. (see here) The company where they worked focuses on providing its customers with a secure network. Founded in 1983, as Cabletron Systems, the company is now a private…
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