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Deferred Prosecution Agreements and Admissions of Guilt
The National Law Journal has an interesting story (here) about the challenge by the KPMG individual defendants to the partnership’s deferred prosecution agreement related to the sale of tax shelters. One provision of the agreement requires that employees of the firm conform their statements to KPMG’s admissions regarding the wrongfulness of the tax shelters and…
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Special Counsel Fitzgerald’s Response to Libby’s Discovery Requests
The Raw Story has the letter (here) sent by Special Counsel Patrick Fitzgerald to I. Lewis Libby’s counsel, dated Jan. 31, 2006, responding to requests for certain documents as part of the discovery in the prosecution. Defense discovery in federal prosecutions is fairly limited, governed by the provisions of Federal Rules of Criminal Procedure 16…
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DOJ Website for Enron Exhibits
In the absolute blizzard of information on the Enron conspiracy trial, the Department of Justice has put up a helpful website that will contain links to exhibits introduced by the prosecution in the case. According to a posting on DOJ’s website, "The Enron Exhibits Website will contain publicly released documents, including exhibits entered into evidence…
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Two Former Bank of China Employees Charged with $485 Million Fraud and Money Laundering Scheme
Two former Bank of China employees and their wives have been charged with fraud, money laundering, and RICO violations related to a fraud that netted approximately $485 million. According to the Department of Justice press release (here): Xu Chaofan (a/k/a Hui Yat Fai), Xu Guojun (a/k/a Hui Kit Shun), Kuang Wan Fang (a/k/a Wendy Kuang),…
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Iraq Contracting Officer to Plead Guilty
Robert Stein, who was a contracting officer for the Southern Region of the Coalition Provisional Authority in Iraq, has agreed to plead guilty to charges of fraud and conspiracy related to a scheme to steal upwards of $2 million through contract awards to a businessman identified as Philip Bloom. Stein awarded approximately $8.6 million worth…
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How Do You Have a “Non-Meeting” with a Real Person?
The "scared straight" speech given by Boeing general counsel Doug Bain (from the Seattle Times here) to the company’s top executives about significant legal (and moral) problems at the company is certainly striking for its candor, and Peter Lattman on the Wall Street Journal Law Blog has a thorough recap (here) of the highlights (and…
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The Outlines of Libby’s Defense
As noted in this earlier post (here), the most likely defense for I. Lewis Libby on the charges of perjury and false statements is the "Dedicated-but-Overworked-Public Servant" position, that a person at his high level dealt with so many issues that a couple telephone calls to (or from) reporters about a bit player in a…
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Insider Trading Based on Recklessness
The SEC filed a settled civil insider trading action against Victor Menezes, a former senior executive at Citigroup, for exercising options and selling shares in the company before a negative earnings announcement. In late March 2002, Menezes, who was then head of Citi’s Emerging Markets division and CEO of Citibank, N.A., leaned that the Argentina…
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Opening Statements – Lay & Skilling Case
It was opening statements in the Lay and Skilling case today. It looks like the government will focus on a theme of "the defendants lied" – a smart approach to avoid getting bogged down in this being a white collar paper trial with financial intricacies. The defense is making its points with comments like –…
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President Bush – State of the Union
One does not find any reference to white collar crime in President Bush’s State of the Union address. He states here that "violent crime rates have fallen to their lowest levels since the 1970’s." (NYTimes). And white collar crime? Is it that there isn’t time to cover everything in this speech? (esp)
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