-
The Blog Turns Two
We started way back on November 1, 2004, and now are heading into the "Terrible Twos." We’ll try not to throw too many tantrums. Thanks for stopping by to visit, we certainly appreciate the many comments and suggestions received from readers. (ph & esp)
-
Pre-Trial Sparring in the Libby Prosecution
With the January 2007 trial approaching, Special Counsel Patrick Fitzgerald and I. Lewis Libby have filed motions in limine to set the parameters for the proceeding (available below). The parties filed motions on October 30 to prevent the other side from presenting certain evidence and arguments that each asserts is extraneous to the issues and…
-
Former CUC International CEO Convicted in Third Trial
Former CUC International CEO Walter Forbes, who became chairman of Cendant Corp., which was formed when his company merged with HFS in 1997, was convicted of one count of conspiracy and two counts of making false statements to the SEC. The jury acquitted him of a securities fraud charge. The prosecution came after an accounting…
-
Cooperation and the Jury Trial Right
Co-blogger Ellen Podgor has an editorial on Law.Com (here) discussing the disparity between the sentences received by those who have cooperated in the recent round of corporate crime prosecutions and the CEOs and others who went to trial and received long prison terms. Ellen argues: "The government needs cooperators to make their cases. Cooperators also…
-
Former Delphi CEO and Other Executives Charged by SEC with Securities Fraud
Delphi Corp. and a number of its former senior executives, most prominently CEO J.T. Battenberg and CFO Alan Dawes, were accused of securities fraud by the SEC in connection with the company’s accounting for four transactions. The SEC Litigation Release (here) describes the four items that affected the company’s earnings, revenue, or cash flow: In…
-
What Happens When the Former CEO Skips a Meeting with the Internal Investigators
Cooperation is the watchword in the options back-dating cases, as corporations almost fall all over themselves promising to provide any necessary assistance to the SEC and U.S. Attorney’s Offices that have come knocking on their doors. When the company’s internal investigation hits a roadblock, then the individual is usually shown the door, which can even…
-
Supreme Court Turns Down Stolt-Nielsen’s Cert Petition
International shipping company Stolt-Nielsen S.A. lost out on its bid to have the Supreme Court review a Third Circuit decision overturning an injunction against the Department of Justice that prohibited it from seeking an indictment of the company for antitrust violations. Stolt-Nielsen had participated in the Antitrust Division’s amnesty program that rewards the first company…
-
Michael Pickens Pleads Guilty to Securities Fraud Charges
Michael Pickens, the son of famed corporate raider T. Boone Pickens, entered a guilty plea to three counts of securities fraud. The government brought the charges in July 2005 (see earlier post here) related to a scheme to send out hundreds of thousands of faxes containing purported inside information about small companies, and the faxes…
-
The Coming Push Against Corporate Enforcement
A New York Times article (here) discusses growing efforts to cut back on investigations and enforcement actions against corporations and related professionals on both the civil and criminal front. While vague about any actual proposals, the article discusses various groups that are looking to adopt changes in the Sarbanes-Oxley Act, particularly the internal controls provision…
-
Another Former CEO to be Sentenced
Former Computer Associates, Inc. CEO Sanjay Kumar will be sentenced on securities fraud and obstruction of justice charges related to accounting fraud at the computer software company now known as CA Inc. Kumar entered a guilty plea after being indicted along with the company’s former general counsel for participating in an ongoing fraud that involved…
-
Subscribe
Subscribed
Already have a WordPress.com account? Log in now.
MattBray.net 