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Poof Goes Over $100 Million
The mess at International Management Associates (IMA), the Atlanta-based hedge fund manager accused by a group of former NFL players of fraud and embezzlement, looks like it will result in a nearly complete loss for investors. The SEC filed a securities fraud suit against IMA and its CEO, Kirk Wright, on Feb. 27 alleging that…
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The Abramoff Effect
With Jack Abramoff talking, it is not surprising to see others taking note. For one, AP reports here that state lawmakers are cracking down on lobbying with new laws that prohibit gift-giving in the lobbying industry. And the Washington Post had a wonderful story here giving detail on the personal side of Jack Abramoff. The…
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Restricting the Hobbs Act
The Supreme Court today issued a decision in the case of SCHEIDLER et al. v. NATIONAL ORGANIZATION FOR WOMEN, INC., et al. (see here), a case that has made its way to the Court on more than one occasion. Although the case is clearly not a white collar matter as it involves the physical violence…
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Respect for the Press
Subpoenaing the press will not be haphazard at the SEC. The Wall Street Journal reports here that Securities and Exchange Commission Chairman Christopher Cox will require commissioner notification prior to subpoenaing documents from journalists. This policy comes in the aftermath of a subpoena that had been issued to two Dow Jones & Co. journalists. Internal…
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Campbell Trial: Call Your First Witness
Lawyers are taught that the law of primacy and recency should be considered in choosing the order of witnesses. Seeing who will be the first witness for Bill Campbell lets one know that this was definitely considered by the defense team. The witness according to the AJC here is going to be Andrew Young, "the…
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DOJ – Not Everything is Loss!
Tom Kirkendall’s Houston Clear Thinkers has a wonderful post here that discusses yet another attempt by DOJ to include everything and also the kitchen sink in its determination of fraud loss (see prior posts on Jamie Olis here). It is rather ironic to see DOJ trying to increase the fraud loss amount to increase a…
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Do We Need Another Special Prosecutor?
Back in January it was noted here that AG Gonzalez was planning to investigate who was the whistle-blower who leaked that NSA was alleged to be tapping telephones without a warrant. It seemed bizarre at that time that the AG would be investigating who leaked an alleged violation of federal law. It is therefore good…
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Will Campbell Testify?
The big question in the Bill Campbell trial is whether the former mayor will take the witness stand? (See AJC here). It is a tough call in a case such as this one. The cross-examination of the key witnesses connecting Campbell to the illegal payments would lead one to believe that he will not take…
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This Week In Enronville
The Houston Chronicle reports here that this week will start with Wesley Colwell, one of Enron’s accountants. Never charged, testifying as part of his cooperation, and not listed as a key player in the Chronicle’s playbill – it is likely that this witness will be used to support aspects of the prosecution’s financial case. Colwell,…
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What Is Cooperation Worth?
With Randy "Duke" Cunningham pleading guilty and set for sentencing (see here), the government can now move to sentencing a co-defendant who provided cooperation in the case against Cunningham. CNN reports here that Mitchell Wade pleaded guilty to giving bribes to Cunningham. Wade, a defense contractor, was said to have paid this money in exchange…
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