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NACDL Names New Executive Director
Norman L. Reimer has been named the new executive director of the National Association of Criminal Defense Lawyers (NACDL). "Reimer is a partner in Gould Reimer Walsh Goffin Cohn LLP, a six member firm that specializes in criminal defense, immigration and civil rights litigation. He is a "past president of the New York County Lawyers…
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Preserving Crime Victims’ Restitution Act of 2006
Perhaps better described as the "Recoup Ken Lay’s Money Because He Had the Temerity to Die on Us Act," the text of S. 4055 (here) provides that restitution can be ordered for any case pending on July 1, 2006, in which the defendant died before sentencing and appeal. First proposed by the Department of Justice…
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Cooperate or You’re Gone (Again)
Another internal investigation of options back-dating, another executive decides not to cooperate, and another resignation — something of a broken record on this topic. This time, it is Quest Software, Inc. announcing the resignation of a senior executive who decided not to meet with the special committee of the board of directors conducting an internal…
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White Collar Crime in Germany and China
While our primary focus is on the United States, instances of white collar crime can occur anywhere money flows and businesses fight for a competitive advantage. A Wall Street Journal article (here) discusses pending investigations in Germany of Siemens AG and Daimler-Chrysler AG related to potentially illegal payments. The Siemens investigation involves a fraud that…
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Second Circuit Upholds Former Cendant Executive’s Conviction
The Second Circuit, in an unpublished summary order (available below), upheld the conviction of E. Kirk Shelton, the former vice chairman of Cendant, on conspiracy, wire fraud, securities fraud, and false statement to the SEC counts. Shelton was convicted in 2004 in a trial in which his co-defendant, former Cendant CEO Walter Forbes, had a…
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How Bad Was the Options Back-Dating at Monster?
Options back-dating investigations have ensnared over 125 companies so far, and it looks like things are coming to a head at on-line job search company Monster Worldwide, Inc., when it announced the termination of its general counsel for cause. The company issued a press release (here) on Wednesday, November 22, stating that "the Company’s Board…
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Being Thankful on Thanksgiving
Reflecting on who in the white collar crime world is giving thanks on this Thanksgiving Day — 1. Jamie Olis can be thankful to the Fifth Circuit panel that reversed his initial sentence of 24 years, with a special thank you to the Hon. Edith Jones who authored the opinion, an opinion that allowed him…
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Arguing KPMG in the Second Circuit
The Second Circuit heard oral arguments on November 21 in the appeal of U.S. District Judge Lewis Kaplan’s decision providing sixteen former KPMG partners and employees with a civil claim to seek attorney’s fees in the government pending prosecution of them on conspiracy and tax fraud charges. A Wall Street Journal article (here) states that…
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Time the Options, Get a Check
Options-timing investigations triggered the resignations of two more CEOs, one of whom will receive a nice chunk of change for leaving his job. Cyberonics, Inc. CEO Robert "Skip" Cummins left the medical device maker after the disclosure in its 8-K (here) that the "Audit Committee has concluded that incorrect measurement dates were used for certain…
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Another Trading Case Dropped
It will be a good Thanksgiving for five former floor traders. The Wall Street Jrl reports here that in the "interests of justice" prosecutors have decided that these cases should not be pursued. It is not easy for the government to decide not to pursue cases they were working on, but it is an important…
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