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Insider Trading on Howard Stern’s New Job?
Howard Stern decided to move to Sirius Radio and the information had a value. Now that proves well for Howard Stern, but not for those around him who might have decided to trade on that information. Unfortunately, an accountant and former VP of Sirius now find themselves entering into a civil settlement. (see here Fraud…
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Serono Pleads Guilty to Two Conspiracy Counts and Reaches Global Settlement
Serono Laboratories, a U.S. subsidiary of Serono S.A., the Swiss biotechnology company, entered a guilty plea to two conspiracy counts. In October, Serono agreed to pay $567,065,000 to settle its civil liabilities in connection with its efforts to sell Serostim, a drug used to fight AIDS wasting. A group of whistleblowers will receive over $50…
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Former Ohio State Business Prof Receives 6-Year Sentence for Insider Trading
Former Ohio State University business school professor Roger Blackwell received a 6-year (72-month) prison term from his conviction in June on charges arising from an insider trading scheme. Blackwell is a well-known marketing expert who has worked with a number of companies on their business and marketing strategies. Blackwell’s business, Roger Blackwell Associates (RogerBlackwell.com), touts…
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Republican Party Official Convicted of Disrupting Phone Service of Democratic Party Offices
James Tobin, former New England regional coordinator for the Republican National Committee, was convicted on Dec. 15 of disrupting the telephone service for five Democratic Party offices and a firefighters’ ride-to-the-polls program in the 2002 election in New Hampshire. Tobin was convicted of conspiracy and telephone harassment, and the jury acquitted him of conspiracy to…
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Investment Scam Involves a Lot of Bull (and Cows)
The U.S. Attorney’s Office for the Southern District of Texas announced the indictment of Lisa Smith for running a scam involving a purported "Genetic Research Program" on cattle that bilked investors of upwards of $5 million. A press release by the USAO (here) described the scheme this way: [B]eginning in January 2000 and continuing through…
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DeLay Learns that Justice Moves Slowly
Tom DeLay’s defense case suffered a setback today when the trial judge ruled that the appellate court needs to hear and rule on the propriety of the dismissed count, before the trial can go forward. (see here) The dismissed count related to an alleged conspiracy to violate election laws. The court did not dismiss the…
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Scrushy Sues HealthSouth for $70 Million
Former HealthSouth CEO Richard Scrushy filed a lawsuit against the company for breach of his employment agreement on the ground that his acquittal in June means that he should not have had the benefits of the contract terminated. The five-year contract calls for annual pay of $1.2 million and at least that amount in yearly…
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Judge Refuses Prosecutor’s Request for Gag Order in the Wake of Lay’s Speech
Former Enron CEO Ken Lay’s speech on Dec. 13 to the Houston Forum laying out his defense and attacking the Enron Task Force provoked an immediate but futile response from those prosecutors. U.S. District Judge Sim Lake denied the government’s request for a gag order in the case, finding that Lay’s statement was "just a…
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Lord Black Enters His Second Not Guilty Plea This Month
Lord Conrad Black entered a not guilty plea to the superseding indictment that added RICO, obstruction of justice, wire fraud, and money laundering charges to the list of mail/wire fraud charges already in place alleging the diversion of assets from Hollinger International. A RICO charge is relatively rare in white collar cases, at least when…
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Vikings Party Boat Sex Scandal Results in Misdemeanor Charges Against Four Players
Four members of the Minnesota Vikings, including injured star quarterback Daunte Culpepper, were charged with indecent conduct, disorderly conduct and lewd or lascivious conduct for their actions during a charter boat cruise on Lake Minnetonka in October. The football players avoided facing much more serious federal charges because among the female guests was an exotic…
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