-
“Real Time Enforcement” – The New Prosecution Approach?
In the past white collar cases were noted for taking significant time for investigation and prosecution. Long grand jury sessions would peruse documents and prosecutors would often spend time working up the ladder to eventually prosecute high-ups. This may be changing in some parts of the country. Noted in this post here , David Nahmias,…
-
Pimp Pleads Guilty to Money Laundering
The U.S. Attorney’s Office for the District of Nevada announced that Louis Wright, who has appeared in documentaries discussing how he is a pimp, entered into a guilty plea to two counts of money laundering for using a stolen identity to clean up the cash from the prostitutes he oversaw. According to a press release…
-
Rove’s Fourth Appearance Is a Long One
Karl Rove made his fourth appearance before the grand jury investigating the leak of Valeria Plame’s identity as a CIA operative, and he appears to have spent a fairly significant amount of time answering questions. Rove arrived at the federal courthouse in Washington D.C. at 9:00 a.m. and didn’t leave until after 1:00 p.m. Even…
-
Futures Firm Available, Really Cheap
The tidal wave caused by the accounting fraud at Refco Inc. appears to be on the verge of swamping the firm. The company announced that its largest unit, Refco Securities LLC, had begun unwinding its positions, which means it is in the process of shutting down (Bloomberg story here). The SEC has prohibited withdrawals of…
-
Plenty of Jobs in DC
Bruce Carton has an interesting post (here) on the Securities Litigation Watch blog noting a number of high-level openings in the securities field at the SEC and Department of Justice. While the Enforcement Division just appointed a new chief of its litigation unit (Luis Mejia), the Commission has not filled the Chief Accountant post, and…
-
Will “The Closer” End Up Closing Down Refco?
Former Refco CEO Phillip Bennett had the nickname of "The Closer" for his ability to close deals, and he built Refco Inc. into the largest futures trading firm. He was charged with one count of securities fraud in a criminal complaint filed in the Southern District of New York (see earlier post here) that accuses…
-
Now It’s a Dog-Fight?
I guess they do things differently in Texas, and not just bigger. In a new turn in the battle between Travis County District Attorney Ronnie Earle and former House Majority Leader Tom DeLay, there is an advertisement running in the Austin media that compares Earle to a viscious attack dog. According to an AP story…
-
Listen to Your Wife, But Don’t Trade on What She Says
Husbands are frequently accused of not listening to their wives, although I’ve never heard that complaint in my household. In an insider trading case filed by the SEC, it seems that Robert Petrosky not only listened to his wife, but he used the inside information she provided about an upcoming deal to buy ahead of…
-
Samsung Is the Third DRAM Manufacturer to Plead Guilty to an Antitrust Violation
Samsung Electronics agreed to plead guilty to a charge of fixing prices in the Dynamic Random Access Memory (DRAM) chip market, and will pay a $300 million fine. The Korean manufacturer and its U.S. subsidiary will pay the second largest antitrust fine in history. Samsung is the third DRAM chip manufacturer to plead guilty to…
-
Frist Received SEC Subpoena for Stock Sale Documents
A Washington Post story (here) discloses that the SEC sent a subpoena to Senate Majority Leader Bill Frist for documents related to the sale of HCA Inc. stock from the so-called "blind trusts" that held shares on behalf of the Senator and his family. The sales took place in late June, and a short time…
-
Subscribe
Subscribed
Already have a WordPress.com account? Log in now.
MattBray.net 