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Immucor FCPA Investigation
Immucor Inc., which is in the blood-transfusion business, announced (here) that the SEC had issued a formal order of investigation of payments made in Italy that violated the FCPA. Immucor announced the possible violations last year, and in its most recent 10-Q (here) disclosed the following: In addition, as reported in a press release issued…
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The Revolving Door
A Legal Times article (available on Law.Com here) discusses some of the recent moves from government into private firms and in-house counsel positions of leading government lawyers. Prosecutorial and regulatory experience is a significant plus, and it’s no secret that a stint in the government is an important asset in representing clients before one’s former…
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Martha Stewart says to Government – Take a Hike
Martha Stewart, assuming that she is not busted for yoga again (see post here), will return to the government the jewelry they recently lent her. This coming Wednesday she is supposed to remove the ankle bracelet that apparently does not match her upcoming outfits. Martha will now be able to tell the government – "take…
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KPMG: Creating Corporate Havoc
$456 million is a lot of money, but is it enough? Will it include funds for the individuals that were wronged by the conduct occurring here? Will it be a global settlement? Remember the settlements with Salomon (1992) and PSI (1994), agreements that included funds for restitution and in the case of PSI a special…
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Pssst: KPMG Will Get a Deferred Prosecution Agreement
The worst-kept secret these days is the deferred prosecution agreement that KPMG will enter into with the U.S. Department of Justice regarding its tax shelters. Media reports (see New York Times article here) peg the firm’s penalty at $456 million (that’s a nice round figure), and former SEC Chairman Richard Breeden will serve as KPMG’s…
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Dealing with the FCPA While Winning Business in China
The Washington Post has an extensive article (here) about the problem U.S. companies have in gaining a foothold in China while avoiding violations of the Foreign Corrupt Practices Act (FCPA). The clash is inevitable because any company with a global presence views China (and India) as crucial to building market share, lest a competitor take…
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Did Hedge Fund Assets Disappear from Bayou Securities?
The shadowy world of hedge funds turned up another case of potentially missing investor money with the disclosure that the Connecticut Banking Commission is probing Bayou Securities LLC, a fund advisor that claimed at one time to have over $400 million in assets under management but apparently there is much less than that these days. …
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New York Attorney Convicted of Forging a Magistrate’s Signature
In less than an hour, a jury in the U.S. District Court for the Eastern District of New York returned a verdict of guilty against Perry Reich, a Long Island attorney with an extensive litigation practice. Reich was convicted of forgery, obstruction, and lying to government agents in connection with an order in a civil…
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Corruption Roundup: New Jersey
If it’s Saturday, then it is time for a dose of corruption cases. Here are two from New Jersey, a reliable source of such prosecutions: Paul Zambrano, the former Mayor of West Long Branch, NJ, entered a guilty plea to accepting a bribe. According to the U.S. Attorney’s Office press release (here): "At his plea…
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U.S. is Not the Only Country that Can Look at Extraterritorial Companies
The United States in the case of United States v. Nippon, 109 F.3d 1 (1st 1997) prosecuted antitrust activity occurring entirely outside the United States. The conduct was found to have a substantial "effect" on the U.S. The U.S. may now be seeing how other countries respond, although the conduct being examined here is not…
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