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SEC Injunctions and Footnote 14 in Smyth
Bruce Carton on the Securities Litigation Watch blog has an interesting post (here) about the Eleventh Circuit’s dictum in SEC v. Smyth (here) that calls into question the Commission’s use of broad "sin no more" injunctions in settled cases. In Smyth, which concerned whether the defendant was entitled to a hearing on the amount of…
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Will Rove Make a Final Pitch to Avoid an Indictment?
The AP reports (here) that special prosecutor Patrick Fitzgerald has accepted Bush aide Karl Rove’s offer to testify a fourth time before the grand jury investigating the leak of the identity of CIA operative Valerie Plame. While Rove made the offer back in July, which is when Time reporter Matthew Cooper testified before the grand…
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FCPA Indictment for Bribery of Azerbaijan Officials
The U.S. Attorney’s Office for the Southern District of New York announced the indictment of three men for allegedly paying millions of dollars in bribes to officials in Azerbaijan to gain control of that country’s oil company, which was in the process of being privatized. One of the defendants, David Pinkerton, works for American International…
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Attacking the KPMG Prosecution
The Wall Street Journal (here) has gone on the attack against the government’s prosecution of the former KPMG partners for conspiracy in an editorial comparing the case to Alice in Wonderland — although comparing anything having to do with the tax code to the world behind the looking glass somehow denigrates Lewis Carroll. One aspect…
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How Fitzgerald Got Miller to Testify — And How Much Should We Know
When New York Times reporter Judith Miller testified before the grand jury investigating the leak of the identity of CIA operative Valerie Plame, she ended three months of confinement for civil contempt once she received assurances from her source that he truly waived any confidentiality agreement they had. Special counsel Patrick Fitzgerald appears to have…
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The Government’s “Sauce for the Gander” Argument in the Enron Conspiracy Trial
The street fight in the Enron conspiracy prosecution continues, according to a Wall Street Journal article (here). After the defense alleged that prosecutors acted improperly by discouraging potential defense witnesses from meeting with defense counsel, U.S. District Judge Sim Lake sent a letter to counsel for 38 former Enron employees (many of whom were identified…
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Unknown Purchasers Are Out $2.7 Million
In March 2004, the SEC filed a civil injunctive action against unknown purchasers of InVision Technologies, Inc. call options shortly before the company announced that it had agreed to be acquired by General Electric. The option purchases were through accounts at a Swiss private bank, and the purchases were executed through UBS, a global securities…
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DaimlerChrysler CEO’s Wife Nabbed for Hosting Party with Underage Drinking
Somehow, things are just different in the United States when it comes to teenage alcohol use. The wife of Dieter Zetsche, the incoming CEO of DaimlerChrysler, entered a guilty plea for hosting a party at their home at which the police found 20 underage people with alcohol (all of whom were also ticketed). Gisela Zetsche…
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How Many Grand Juries Does It Take to Indict Tom DeLay?
This isn’t a joke, and it isn’t a light bulb question, it is the unfortunate reality. According to an AP story on ABC News (here) it seems that one of the grand juries looking at a case involving Tom DeLay did not indict him. In total it looks like there were 3 grand juries and…
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Why Was DeLay Reindicted?
If you are asking why was Former House Majority Leader Tom DeLay re-indicted, the answer may he found in the Dallas Morning News here. Tom DeLay was initially indicted in a case that was premised on an extension of the statute of limitations by agreement of the parties (see here). He was then re-indicted for…
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