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SEC Institutes Administrative Proceedings Against Two Deloitte Accountants
The SEC instituted administrative proceedings under Rule 102(e) against two Deloitte & Touche accountants related to their work on the audit of Adelphia Communcations involving the failure to properly account for transactions involving the Rigas family, which controlled Adelphia. Adelphia eventually collapsed amid a widespread accounting fraud that included a number of transactions with the…
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Former Pentagon Analyst to Plead Guilty to Charges Related to Disclosure of Classified Information
Lawrence Franklin, who was charged with conspiracy and improper disclosure of classified information, will enter a guilty plea this week. Franklin was charged (indictment here) with leaking information to two members of the American Israel Public Affairs Committee, Steven Rosen and Keith Weissman, who were also charged related to terrorist activities emanating from Iran and…
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KPMG & Sidley Austin
Not long ago, KPMG was reaching a settlement with DOJ with an agreement to pay $ 456 million. The next step is to settle with investors, and we see that happening now. CNN Money (Reuters) reports here that both "KPMG and Sidley Austin have agreed to pay $ 195 million to investors." In the case…
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Pleas of Fraud & Conspiracy for founders in Bayou Group Case
Two key players in the Bayou fiasco are pleading guilty, but there are still many questions as to where the money can be found. In the New York Times here it tells the story of the two founders pleading guilty to fraud and conspiracy counts. Interestingly, the NYTImes reports that they were released until sentencing…
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Should DeLay Have the “Perp Walk”
According to CNN here, DeLay has to appear in Texas Court to answer to the charge against him. The question is will he be escorted using a civilized manner, or will the State of Texas replicate a practice used by the feds of having the white collar accused facing a "perp walk." The one benefit…
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Judith Miller Released From Jail
According to the NYTimes here, reporter Judith Miller has been released from prison after 12 weeks. It seems that after 12 weeks, her confidential source is now providing her with a sufficient waiver of the privilege. Should this have happened earlier? Does it make a difference if the source turns out to be part of…
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More on Pardons
Margaret Colgate Love, who served as US Pardon Attorney for seven years, comments on the recent Bush pardons and offers a suggestion to obtain change: "There’s not a lot to say about these particular pardon grants – like all but one of Bush’s 58 pardons, they appear pretty unremarkable, granted to ordinary people convicted of…
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New Pardons
If you wanted presidential pardons to go unnoticed, when would you issue them? On the same day as the DeLay indictment, President Bush issued 14 pardons. Oddly enough, these pardons are not the usual ones we have been seeing from the white house (see here). This time you’ll find a pardon in a case involving…
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The Indictment of Tom Delay
By now everyone is aware that House Majority Leader Tom DeLay has been indicted. (see here and here). The indictment is here. The indictment has led to DeLay having to step down from his position as majority leader. (see here). This is not a federal indictment, but rather a Texas grand jury that issued the…
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First Parmalat Trial Begins
The first Parmalat trial started, and don’t expect it to be ending anytime soon. CNN Money reports here of the long list of witnesses and the testimony that can be expected in this trial. (esp)
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