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Corruption Charges Filed Against Detroit City Councilman
Just to show that Philadelphia does not have a corner on the municipal corruption market — only NFL trauma-dramas — Detroit City Councilman Alonzo Bates was indicted on charges related to ghost employees and tax evasion. According to a federal indictment, Bates had four ghost employees on his city council office payroll who did no…
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D.C. Circuit Finds SEC Monetary Penalties Were Arbitrary and Capricious
In a market manipulation case, the D.C. Circuit held that the SEC had not established that a series of matched trades by the defendants were conducted with the requisite scienter for a Section 10(b)/Rule 10b-5 finding of market manipulation, and that the substantial monetary penalties imposed on the defendants for other disclosure violations were unsupported. …
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SEC Sues Former Patterson-UTI CFO for Embezzlement
Patterson-UTI Energy, Inc., the drilling rig company, announced earlier that an internal investigation had uncovered an embezzlement of up to $70 million from the company through bogus asset purchases. The company’s CFO, Jody Nelson, had resigned just a week before that announcement for "personal reasons," which triggered all sorts of speculation about his involvement in…
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New Evidence in the Leak Case
Check out the Washington Post here this a.m. as we now add Bob Woodward to the mix as it seems he also knew of Plame’s CIA identity. Mind you he won’t tell us where he found out – "an official casually told him." And he admits that he first is coming forward with this information…
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Bail Denied to Accused in a White Collar Case
A key difference between white collar cases and many of the cases involving alleged street crimes is the treatment of the accused pre-trial. Where an accused in a street crime case may be denied bail, it is truly rare that an individual accused of a white collar offense has bail issues. It is thus surprising…
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Libby Documents
According to the Washington Post here, Dow Jones went to court seeking some of the documents in the Libby case. It seems that Special Prosecutor Patrick Fitzgerld wants a protective order from some of these documents being released to the media. It is likely that issues of balancing the public’s right to know versus insuring…
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Frauds Across the US
A scientist was sentenced "for defrauding the United States in connection with research grants he applied for and received for his company as well as for tax evasion." The US Attorney for New Jersey issued a press release here that also describes a civil settlement in this matter for $1.4 million. A press release here…
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Deferred Prosecution Agreements
Are you looking for some model deferred prosecution agreements? Check out the National Association of Criminal Defense Lawyers (NACDL) white collar crime website here. You will find posted eight (8) different deferred prosecution agreements. (esp) (disclosing that she co-chairs the NACDL white collar crime committee)
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Is DOJ “Cooking the Books” in Its Reporting of White Collar Crime?
If someone were to tell you that white collar crime prosecutions are down, your response might be the same as mine — which was — NO WAY! According to Trac Reports here in discussing white collar prosecutions it stated that DOJ: "documented a decline of about ten percent from FY 2003 to FY 2004. Estimates…
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Patterson-UTI Energy Internal Investigation Finds $70 Million Embezzlement
Drilling and oil exploration firm Patterson-UTI Energy, Inc., announced that an internal investigation has disclosed that upwards of $70 million may have been embezzled from the company by an officer through payment for phantom assets. According to the company’s press release (here): [A]s a result of information received by senior management of the Company on…
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