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UnitedHealth CEO Ousted Over Options-Timing
UnitedHealth Group, Inc. CEO Dr. William McGuire has been forced out by the board of directors over suspiciously-timed options grants, reports the Wall Street Journal (here). The company’s general counsel, David Lubben, is also leaving after an internal investigation in which assertions by company executives that options were not back-dated were not entirely credible. The…
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Will Prosecutors Get Another Shot at Fastow’s Sentence?
The six-year sentence given to former Enron CFO Andrew Fastow came as a surprise to many who thought that he would receive a ten-year term of imprisonment for his role in the fraud at the company. Fastow even testified that he would be sent to prison for ten years. According to a Houston Chronicle article…
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Yet Another Foreign Insider Trading Case Filed by the SEC
The SEC filed a civil insider trading action against foreign purchasers of call options in CNS Inc., the maker of consumer health products such as the Breathe Right nasal strip, in advance of the disclosure that the company agreed to be taken over by GlaxoSmithKline PLC. The defendants traded through Swiss accounts by purchasing out-of-the-money…
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Port Security to Internet Gambling
President Bush signed into law the Security and Accountability For Every Port Act of 2006, or the "SAFE Port Act" stating that "[t]he Act strengthens the Government’s ability to protect the Nation’s seaports and maritime commerce from attack by terrorists." (see here) But the add-on to this Act is what is focused on here, that…
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ABA Criminal Tax Fraud Seminar
The 23rd Annual National Institute on Criminal Tax Fraud October 26-27, 2006 Hilton Washington/Washington, DC December 7-8, 2006Hotel Nikko | San Francisco, CA This year the Institute will continue its focus on a number of important areas. Given the ever increasing complexity of IRS criminal tax investigations, the role of the forensic accountant has become…
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Lord Black’s “Difficulties”
The Wall Street Jrl here tells of the life Conrad Black is leading despite charges pending against him. Oftentimes those who are alleged to have committed white collar crimes remain hidden during the pendency of the case. Lord Black, however, has been on the social scene, even serving as a speaker at Toronto’s Empire Club. …
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SEC Charges Three Former Enron Employees
The SEC brought civil charges against a former Enron executive and accountant, and two former Enron executives. They were accused of violating the antifraud provisions of the federal securities laws and aiding and abetting Enron’s violations of the reporting, record-keeping and internal controls provisions. (see SEC Notice here). One of the individuals "agreed to pay…
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Split Verdict in Case Against Former Execs at Roger Williams Medical Center
The Providence Jrl online is reporting here that after a deliberation of six days, the jury has returned verdicts in the case against former executives of Roger Williams Medical Center. Although the former hospital president Robert A. Urciuoli was convicted of conspiracy and all but one of the mail fraud counts he was charged with,…
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Ney Pleads
Representative Bob Ney has entered a guilty plea to conspiracy and making false statements. (see Wall Street Jrl here). He stated that he will resign from office prior to his sentencing. Bloomberg reports here that despite prior denials of guilt, Ney was now admitting his guilt. He also was noting alcohol dependence as an issue.…
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Blog Juiced at 6.1
White Collar Crime Prof Blog has a 6.1 "Blog Juice Rating," determined by: Number of Bloglines subscribers (40%) Alexa rank (15%) Technorati ranking (30%) Number of inbound links via Technorati (15%) Here are the Blog Juice Ratings for various law professor blogs: (esp) (chart supplied by Professor Paul Caron – Tax Prof Blog – here)
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