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Will the SEC Prime the Enforcement Pump?
The Government Accountability Office will take a look at the SEC’s enforcement program in response to a letter from Senator Charles Grassley regarding how the Commission is pursuing insider trading and other types of securities fraud cases. A Bloomberg story (here) discusses the Senator’s request. The letter came as a result of charges leveled by…
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Deferred Prosecution Agreements and Government Power
Professor Brandon Garrett of the University of Virginia School of Law has posted an article on SSRN (here) on deferred prosecution agreements that will appear in the Virginia Law Review in 2007. Professor Garrett analyzes the deferred prosecution agreements the Department of Justice has entered into with a number of companies over the past few…
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What the Memory Expert Did Not Remember
The prosecution of I. Lewis Libby, former chief of staff to Vice-President Dick Cheney, has been in an extend quiet period but reemerged at a hearing in U.S. District Court on October 26. One of the defenses to the perjury and false statement charges has been the "honest-but-overworked-civil-servant" claim, that Libby’s misstatements to the grand…
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Safavian Sentenced to 18 Months
David Safavian received an 18-month prison term for obstruction of justice and making false statements to federal agents in connection with an investigation of lobbyist Jack Abramoff. Safavian participated in the Scotland golf trip that has also ensnared Ohio Congressman Bob Ney, who entered a guilty plea as part of the widening investigation of Capitol…
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The Expanding Criminal Investigation of Bristol-Myers
Bristol-Myers Squibb has run into some rough times dealing with the Department of Justice after thinking it had left those troubles behind when it entered into a deferred prosecution agreement in June 2005. That case involved "channel stuffing" by the company to pump up its revenue figures, and resulted in a settlement with the SEC…
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Safavian to Be Sentenced
Former White House aide David Safavian faces sentencing for his conviction on four counts of obstruction of justice and false statements related to his contacts with former superlobbyist Jack Abramoff. Prosecutors have requested that the court apply the Sentencing Guidelines, which calls for a sentence in 30-37 month range, while defense counsel have asked for…
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More Affinity Fraud
A common means of committing a fraud is to target small groups with whom the perpetrator shares a common characteristic that engenders a degree of trust. Many frauds prey on ethnic groups, as demonstrated by an SEC civil injunctive action filed against Hyun Soo Jang and Kangsan Kim for targeting Korean investors in the Los…
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Charges Filed Against Austrian Bankers Tied to Refco
The fallout from the collapse of futures-trading firm Refco in October 2005 has hit in Austria, where prosecutors in Vienna charged nine individuals for their role in transactions between Refco and Austrian bank Bank Fuer Arbeit und Wirtschaft AG (BAWAG) that led to large losses at the bank. BAWAG lent former Refco CEO Phillip Bennett…
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New York Comptroller Accused of Ethics Violation
The New York State Ethics Commission issued a report accusing Comptroller Alan Hevesi of misusing state resources for his own benefit. The report comes only two weeks before the election. The violation centers on his use of a state chauffeur for his wife, purportedly because of "threats" that were never substantiated, and a low-ball repayment…
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International Criminal Law Exposure?
With more companies doing business abroad, it becomes more important to understand international criminal laws. According to the New York Times here Royal Dutch Shell is having to deal with Russian authorities to avoid criminal prosecution of some of its employees. The issue for Shell and two partners from Japan relates to environmental laws. (esp)
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