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District Court Hears Argument in Challenge to Search of Rep. Jefferson’s Office
Chief U.S. District Judge Thomas Hogan heard arguments on June 16 about the search of Representative William Jefferson’s office in the Rayburn House Office Building by FBI agents seeking evidence of his involvement in soliciting and accepting bribes. Representative Jefferson, who was removed from the House Ways & Means Committee that same day, and the…
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A License to Print Money
A Washington Post article (here) discusses the $40 million in attorney’s fees former Enron CEO Jeffrey Skilling has paid so far to his legal team from O’Melveny & Myers, and the fact that the firm is still owed quite a bit more from the long trial. As discussed in an earlier post (here), federal prosecutors…
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Michael Pickens In a Downward Spiral
Michael Pickens, the 51-year old son of famed one-time corporate raider T. Boone Pickens, has seen his life go from bad to worse with his arrest earlier this week on burglary charges in Connecticut. Pickens was indicted in New York in July 2005 on securities fraud charges and sued by the SEC related to a…
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Grasso Takes the Fifth Over and Over Again
The release of transcripts of depositions of former New York Stock Exchange CEO Richard Grasso show that during his examination by the SEC in 2005 he asserted the Fifth Amendment over 150 times. The deposition concerned whether he pressured the floor broker for American International Group’s stock to keep the share price up to assist…
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Corruption Prosecution of Scrushy and Siegelman Goes to the Jury
The trial of former HealthSouth CEO Richard Scrushy on charges of paying a bribe to former Alabama Governor Don Siegelman has gone to the jury, with Scrushy’s attorney stating in his close argument that the government’s case is "utterly ridiculous." Scrushy and Siegelman, along with two former aides to the governor, are charged with a…
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New Jersey Hospital System Agrees to Pay $265 Million to Settle Medicare Overcharges
Saint Barnabas Health Care System, the largest health care provider in New Jersey that operates nine hospitals, entered into a settlement agreement with the Department of Justice for Medicare overcharges. The settlement agreement (here) requires it to pay $265 million, payable over the next six years. The government alleged that Saint Barnabas increased the costs…
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Did News of the Maverick Tube Acquisition Leak Out?
Maverick Tube Corp. announced after the market closed on Monday, June 12, that it agreed to be acquired by Tenaris S.A. at $65 per share, a 30%+ premium over its stock price. A St. Louis Post-Dispatch article (here) notes that trading in Maverick Tube July 60 call options spiked in the days before the deal…
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Skilling and Lay Seek to Delay Sentencing
Jeffrey Skilling filed a motion, joined by Ken Lay, requesting that U.S. District Judge Sim Lake postpone their sentencing for 35 to 45 days beyond the currently scheduled date of September 11. Among the reasons raised by Skilling (brief available below) is that the fairly short (108-day) period between conviction and sentencing has not allowed…
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Asleep at the Switch
The U.S. Attorney’s Office for the Southern District of Florida issued a press release (here) discussing the guilty plea of Mayra Cuellar to nineteen counts of failing to file currency transaction reports (CTR) on behalf of Gulf Bank, where she was a vice president and the Bank Secrecy Act officer responsible for filing the reports…
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Lawyer Sentenced to 46 Months for Immigration Fraud
Virginia lawyer Sergei Danilov and his firm (Danilov and Associates, LLC) were sentenced for immigration fraud in connection with the foreign labor certification program. Danilov received a 46-month prison term, and the firm must forfeit $200,000. According to the press blog for the U.S. Attorney’s Office for the District of Maryland (here): Danilov admitted that…
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