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More on Options Timing Probe
Posted here is a recent discussion of the SEC Options Timing Probe. The LA Times here adds a new dimension to the discussion, by stating that "authorities confirmed that they also were looking into possible instances of so-called spring-loading." For a lesson on the terms being used here, check out Erik Lie’s website here, where…
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Safavian Guilty- What Does This Mean?
David Safavian, a former Bush administration official, was found guilty after a jury trial on four of the five counts charged against him. He was convicted of three counts of false statements and one count of obstruction of justice. (see Washington Post here). Safavian was a former business partner of Jack Abramoff. Abramoff has plead…
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Gas Traders Plead Guilty
A press release here of the US Attorneys Office for the Northern District of California reports that three gas traders pleaded guilty "to conspiracy to manipulate the price of a commodity in interstate commerce." The press release states that the three: "admitted in their plea agreements that they conspired to report fictitious trades to an…
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Elgindy Sentenced
We looked at the sad story of Anthony Elgindy here, but the story became even sadder yesterday with his sentencing. According to the Wall Street Jrl here, Elgindy received a sentence of 11 years. He was convicted in January of 2005 of the crimes of racketeering, conspiracy and securities fraud. The 11 year sentence he…
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Supreme Court Cites to Martha Stewart case
In a case decided yesterday by the United States Supreme Court, Davis v. Washington, Justice Scalia cited to the Second Circuit decision in the Martha Stewart case for the point, "[t]he solemnity of even an oral declaration of relevant past fact to an investigating officer is well enough established by the severe consequences that can…
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Kill The Shredders
Shredders seem to be causing some problems for individuals in both the corporate world and the government arena. The Chicago Tribune reports here of a witness testifying in the "City Hall" corruption trial telling how she used a shredder to destroy lists of "people seeking city jobs or promotions and their political sponsors." This case…
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SEC Files Insider Trading Suit Over Maverick Tube Option Purchases
As identified in a St. Louis Post-Dispatch article and discussed in an earlier post (here), suspicious trading in Maverick Tube call options right before the company announced it agreed to be taken over at a 30%+ premium has triggered an SEC civil action for insider trading (complaint here). The purchaser is Tenaris S.A., a company…
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Cheating as a Federal Crime
A Los Angeles man is scheduled to plead guilty tomorrow to a three count criminal information for "misuse of a means of identification to violate federal law, misuse of a passport and criminal copyright infringement." According to a press release of the US Attorney for the Central District of California, an individual was caught taking…
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HealthSouth Related Sentencing
Hannibal "Sonny" Crumpler, a former executive at HealthSouth was sentenced to eight (8) years in prison. The government asked for 15 years and the defense asked for significantly less. (see Birmingham News here). In an emotional hearing in which the accused’s son and wife begged for leniency, the Birmingham News reports that the prosecutor stated,…
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The Moral of the Story: Don’t Talk
The Wall Street Jrl has a fascinating interview here with Jeffrey Skilling, where he admits how his continual talking helped to make the government case. But he also notes that it was the "ethical" thing to do. Looking back on the Martha Stewart case, one has to admit that she too talked. And she…
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