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Chicago Attorney Convicted of Tax Evasion
A former partner at the law firm of Kirkland and Ellis was convicted of tax evasion for selling a "fraudulent CD from which he received approximately $1.8 million dollars," and then hiding the income from the government. The DOJ press release is here. (esp)
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Where Will Skilling Serve His Sentence
Unlike some defendants who are immediately taken into custody upon conviction, Jeffrey Skilling has a little bit of remaining time in the semi-free world. He was ordered to report to prison once the Bureau of Prisons has assigned him to a facility. He was not given bond pending the appeal. The Houston Chronicle here has…
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Former CFO of Comverse Pleads
As expected (here), Comverse CFO David Kreinberg plead guilty. He plead guilty to "a two-count felony information charging one count of conspiracy to commit securities fraud, mail fraud, and wire fraud, and one count of securities fraud." In addition to the guilty plea, he also settled civil matters the SEC. The DOJ press release states…
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Former CFO of Refco Indicted
The Wall Street Jrl reports here that the former CFO of REFCO was indicted. The press release of the U.S. Attorney’s Office for the Southern District of New York states the Robert C. Trosten was indicted for his alleged: "participation in a scheme to defraud Refco’s investors that resulted in losses of more than one…
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Pleas in Coke Case
With increased technology, we will probably be seeing more and more cases involving the misuse and criminal conduct related to information. So it is not surprising to see a prosecution related to trade secrets. Michael Kanell of the Atlanta Jrl Constitution reports here that two individuals plead guilty to conspiracy in a case involving trade…
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All Work, No Pay -Government Tries to Take Away Attorney Fees
The Daily Business Review reports on law.com here that the government is seeking forfeiture of attorney fees on a recent white collar case in Miami. The case, a bank fraud case, has prosecutors claiming that the attorney fees came from tainted money. In this particular case the attorneys tried the case in a 4½-month trial.…
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Former CFO of Comverse Technology Expected to Plead
According to Peter Lattman’s Wall Street Jrl. blog here, David Kreinberg, the former CFO of Comverse Technology is expected to plead guilty today. It is interesting how the CFOs are pleading with incredible deals, while the CEOs end up facing trial (e.g. Sullivan/Ebbers). What, if any deal, might have happened here remains unknown. In this…
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How the Statute of Limitations Can Affect an Investigation
Carrie Johnson at the Washington Post has a wonderful article here discussing the effect of the statute of limitations on matters related to the AOL Investigation. Although mid-level executives are on trial this week, the investigation may have been cut short when prosecutors had the clock run out by the statute of limitations. (esp)
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Checking the Blogsphere on the Skilling Sentence
What are others in blogsphere saying about Jeff Skilling’s sentence: Doug Berman – Sentencing Law & Policy here NormPattis – Crime & Federalism here Larry Ribstein – Ideoblog here Tom Kirkendall -Houston’s Clear Thinkers here Howard J. Bashman -How Appealing here (esp) Addendum – Carrie Johnson of the Washington Post reports here that the Enron…
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Commentary on Skilling
Commentary on Jeffrey Skilling’s sentence of 24 + years (292 months) by Peter & Ellen – Will we ever see sentences like these again? Peter – The collapse of Enron, WorldCom, and Adelphia Communications due to large-scale accounting fraud was, in many ways, unprecedented, the "perfect storm" so to speak. Executives have never been sentenced…
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