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New Article on Compelled Waivers in the Corporate World
David Seide has an article in The Review of Securities and Commodities Regulation titled "Compelled Waivers of the Attorney-Client Privilege." The article discusses the application of the Stein opinions to the privilege waiver provisions found in the Thompson Memo and the SEC’s Seaboard Report. (esp)
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The Scrushy-Siegelman Jury Tussle Continues While Scrushy and HealthSouth Settle a Claim
The argument about the conduct of the jury in the corruption prosecution of former HealthSouth CEO Richard Scrushy and former Alabama Governor Don Siegelman continues to play out in the federal courthouse in Montgomery, Alabama. Scrushy and Siegelman are seeking a new trial because two jurors admitted during an evidentiary hearing that they reviewed information…
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SEC Subpoena Enforcement Action Discloses Insider Trading Investigation
The SEC is usually quite closed-mouth about its investigations, at least before the filing of a civil enforcement action. When it gets into a fight about enforcing one of its subpoenas, however, the veil is lifted. Unlike grand jury subpoenas, which are presumed valid and can result in a contempt order if the recipient refuses…
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Attorney-Client Privilege – The “Revised Holder Memo”
The Heritage Foundation’s event of yesterday on "The Future of the Attorney-Client Relationship in White-Collar Prosecutions" included opening remarks by Former Attorney General Ed Meese followed by remarks by two former Deputy Attorney Generals – George J. Terwilliger III and Larry Thompson. Obviously, the interest of the audience was in what Larry Thompson would say…
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The Big Business Pushback — No More Corporate Prosecutions?
The Committee on Capital Markets Regulation, a blue-ribbon panel encouraged by Secretary of the Treasury Paulson, delivered its Interim Report (here) on how to improve the competitiveness of the U.S. financial system and its regulation. Most of the report is devoted to the civil side of the ledger, including the expected push against Sarbanes-Oxley Act…
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Insider Trading Charges for Purchases of Five Community Bank Stocks
The U.S. Attorney’s Office for the Southern District of California and the SEC filed criminal and civil insider trading charges against Robert Gallivan for trading in the shares of five California community banks before they were acquired. According to the SEC Litigation Release (here): Prior to the public announcement of proposed mergers involving Valencia Bank…
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Democratic Congress = White Collar Marketing Opportunity
With Democrats taking control of the House and Senate in the recent elections, the change in power means more than just a shift in jobs on Capitol Hill. It will also be an opportunity for Democrats to investigate the real and perceived problems of the Bush Administration, which means everyone called before a committee to…
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Keep an Eye on Your Controller
The cases come up all the time: the trusted financial person turns out to be a crook stealing from the company. Today’s edition comes from the Eastern District of Virginia, where the U.S. Attorney’s Office announced (here) the guilty plea of Carl Ragland, the former controller of C&F Mortgage Corp., a subsidiary of Citizens &…
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Don’t Disclose Too Much
One usually thinks of disclosure rules for public officials as a means to get information out in the open so all can see who is providing gifts, and how much they are worth. The Texas Ethics Commission, however, is taking a bit more restrictive view of what has to be disclosed about a gift. A…
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Did They Do a Reference Check?
Embezzling from one employer is bad enough, but some people just can’t seem to stop themselves even when they get a new job. Eric Hurt entered a guilty plea in August 2006 to fraud charges related to embezzling over $110,000 while he worked at the Hoboken Housing Agency from 2001 to 2004 by writing 34…
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