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Fortune Magazine Details the Milberg Weiss Investigation
Professor J. Kelly Strader (Southwestern Law School) – Guest Blogging on the White Collar Crime Prof Blog writes- The current issue of Fortune magazine provides a detailed history of the events leading to May 2006 indictment of the country’s leading plaintiff’s class action law firm, Milberg Weiss, and others. Entitled “The Law Firm of Hubris,…
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No Jail Time for Wesley Snipes?
Paul Caron over at TaxProf is reporting here that "’Hollywood actor Wesley Snipes will avoid any time in jail on tax fraud charges as part of a recent settlement with the Internal Revenue Service.’" (quoting Daily Variety here) For background on this case see here. (esp) Addedum – see new reports 11/5/06.
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Seoul Court Gives Sentence of 8 1/2 Years in Major White Collar Case
For many years, the United States was considered a country that did not render draconian sentences in white collar cases. But court applications of the federal sentencing guidelines may present a new picture. Recently in the U.S. CEOs have faced sentences that may translate into life or close to life sentences. For example, we see…
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AG Spitzer Cracking Down on Attorney Fee Payments
David Hechler has a piece in Corporate Counsel and law.com here that notes that federal prosecutors are not the only ones trying to stop the payment of attorney fees to indicted corporate employees. The article discusses how AG Spitzer has also been inserting a "no indemnification" clause in some of his agreements. Corporate employees are…
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Do You Trust Your Employer With Identifying Information?
It is common to hear of individuals in companies stealing information, or outsiders to a business obtaining confidential information. These are the typical prosecutions for identity theft. But could it happen that the one charged with compromising the information might be your boss? The Atlanta Jrl Constitution has a story here about a CEO of…
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Executive Sentences – Do You Dare to Risk Trial?
The Wall Street Jrl has a chart here listing recent sentences given to corporate executives. Noticeable on this chart is the sentencing disparity between those who went to trial and those who cooperated and plead guilty. (esp)
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Kumar Receives 12 Years
Former CEO of CA Inc., Sunjay Kumar, who plead guilty to securities fraud, obstruction of justice, conspiracy, and false statements received a 12 year sentence. The Wall Street Journal reports here that Kumar accepted responsibility at his sentencing. Kumar had been indicted "for participating in an ongoing fraud that involved booking revenues in one quarter…
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InterMune Inc Enters Deferred Prosecution Agreement
The U.S. Attorney’s Office for the Northern District of California reports that DOJ & InterMune, Inc. have entered into a deferred prosecution agreement (see press release here). Purusant to this agreement, the biopharmaceutical company agreed to "pay nearly $37 million to resolve criminal charges and civil liability in connection with its illegal promotion and marketing…
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Second Plea Expected in Comverse Case
The Wall Street Jrl is reporting here the likelihood of a second plea being entered in the stock options backdating scheme related to Comverse. The report is that corporate executive William Sorin (former senior general counsel) will enter a plea to one count – criminal conspiracy. Former CFO David Kreinberg recently plead guilty (see here)…
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When The Chips Are Down
Sony Corporation’s US subsidiary, Sony Electronics Inc. stated in a corporate press release to investors here that they had "received a subpoena from the U.S. Department of Justice (DOJ) Antitrust Division seeking information about its static random access memory (SRAM) business." The company stated that it intended to cooperate with the government in its investigation.…
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