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White Collar Sentences Are Up
The hot topic in sentencing right now is the United States Sentencing Commission’s post-Booker report.Professor Doug Berman’s blog has been reporting on this document (see here). Unfortunately we can’t give you the link, because as pointed out by Professor Berman, it is suddenly missing from the US Sentencing Commission’s website and is no where to…
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Refco Fraud May Go Deeper
Futures and commodities dealer Refco Inc. collapsed in a little over a week after it was revealed in October 2005 that its CEO, Philip Bennett, was involved in certain debt transactions carried on the company’s books as loans. Bennett repaid over $400 million with funds from a loan made by Austrian bank Bawag P.S.K. (Bank…
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Bear Stearns Settles Market Timing and Late Trading Case
Bear, Stearns & Co. settled with the SEC and New York Stock Exchange in connection their investigations of its conduct in facilitating market timing and late trading in mutual funds. The firm agreed to pay a $90 million fine and disgorgement of $160 million in addition to compliance measures to prevent such transactions in the…
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St. Sherron on the Witness Stand
After the seemingly endless parade of government witnesses who entered guilty pleas and have testified at the Enron conspiracy trial of Ken Lay and Jeffrey Skilling, prosecutors called Sherron Watkins, one of the few people who emerged with a better reputation after the Enron debacle — a neutral term for those who agree with the…
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When You’d Say “I Do” All Over Again
It is always a good thing for couples to share interests, although when that common ground involves embezzlement, it could trigger a period of separation while they serve jail terms. The U.S. Attorney’s Office for the District of Maryland’s blog (here) discusses the sentencing of Ronald Stewart, who was an auditor at CitiFinancial Inc. responsible…
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Selling Snake Oil on the Internet
Things haven’t changed all that much since traveling salesmen peddled snake oil and other concoctions as cures for a variety of illnesses, although the internet makes it much easier to reach a wider audience than a wagon (or car). The same claims of a miracle cure continue to lure desperate buyers, and the salesmen continue…
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FCPA Problems Keep Popping Up
Two companies disclosed recently possible foreign bribery that may violate the Foreign Corrupt Practices Act. Universal Corp., a tobacco and lumber company with annual sales of over $3 billion, issued a press release (here) disclosing that [A]s a result of a posting to the Company’s Ethics Complaint hotline alleging improper activities that involved or related…
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Please Take the Survey
Please take a moment to fill out our short reader survey at the top. We would like to have a better idea about who is reading this blog so we can better serve you. Thanks in advance for your help. (esp & ph)
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Did TSA Attorney Obstruct Justice?
Transportation Security Administration attorney Carla Martin may have single-handedly cratered the government’s effort to seek the death penalty against Zacarias Moussaoui for his involvement in the Sept. 11 attacks by passing along transcripts of the proceeding’s first day to a number of government witnesses who would be called to testify. U.S. District Judge Brinkema’s pretrial…
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Student Loan Fraud
Fraud Update reports here of the five year sentence given to a woman who had been charged along with other family members to "defrauding the U.S. Department of Education of almost $1 million in student loans and grants." This case was pursued by the United States Attorney for the District of Nevada. (esp)
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