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Another Load of KPMG Dirty Laundry
For those who have been following the continuing saga of KPMG and the government investigation of its sales of abusive tax shelters, you know that the firm is working feverishly to avoid a criminal indictment, going so far as to issue a public statement blaming an array of former tax partners for engaging in illegal…
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Did Karl Rove Lie to Bush?
Yahoo News (AP) here looks at the question of what happens if Karl Rove lied to the President. The story notes that a spokesperson from the white house denied Karl Rove’s involvement in the leak of the name of a CIA operative to the media. But the issue may be whether he lied to Bush,…
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ABA Stand on the Attorney-Client Privilege
Posted here is a reference to the ABA resolution regarding the Attorney-Client privilege that was recently passed by the ABA House of Delegates. The resolution itself can be found here. The last paragraph of this resolution is very telling. It states: "FURTHER RESOLVED, that the American Bar Association opposes the routine practice by government officials…
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Abramoff Indicted
Jack Abramoff, a lobbyist, has been indicted by a federal grand jury in Florida for five counts of wire fraud (18 USC 1343) and one count of conspiracy (18 USC 371) to commit mail (18 USC 1341) and wire fraud. (See Wall Street Jrl here ; New York Times (AP) here). He was indicted along…
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Sullivan Receives Five-Year Prison Term for His Role in WorldCom Accounting Fraud
Former WorldCom CFO Scott Sullivan received the second longest sentence arising from the accounting fraud at the company when U.S. District Judge Barbara Jones sentenced him to a five year prison term. Judge Jones characterized Sullivan as the "architect of the fraud at WorldCom" and said that his crimes "were of the highest magnitude." The…
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So Far Cooperation Brings Big Rewards in WorldCom Case
Yesterday, former WorldCom controller David Myers was sentenced to a year and a day, a sentence equivalent to that received by former WorldCom Accounting Director Buford Yates. (See Wall Street Jrl here).Giving a year and a day allows the defendant the opportunity to reduce the sentence premised on good time. (See post here) So far…
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Corporate Settlement Agreements With the Government Can Be Costly- Ask Hilfiger
Tommy Hilfiger announced its entering into a settlement agreement with the government. Their press release here tells of their entering into a non-prosecution agreement with the U.S. Attorney’s Office for the Southern District of New York. It states in part: "The non-prosecution agreement with the USAO is subject to certain understandings, including that THUSA will…
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Did Wife and Son Aid Pinochet With Bank Account
This is not the first time one sees Augusto Pinochet’s accounts at Riggs Bank mentioned. (see here) But the focus this time is on Pinochet’s wife and son, and the investigation relates to their aiding the General with these accounts. (see New York Times here) With respect to Pinochet’s wife, a defense appears to be…
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The Latest on Paramalat
Much has been happening in the last couple weeks with respect to the aftermath of the Parmalat investigation. (see here). As is often the case in white collar matters, criminal actions are not the only cases to follow. Collateral civil matters can also provide significant information. The Wall Street Jrl reported here that Parmalat can…
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ABA Takes Stand on Government’s Demands for Attorney-Client Privilege Waivers
The ABA Lawyers’ Manual on Professional Conduct reports here (subscription required) that the ABA House of Delegates passed a resolution regarding the attorney-client privilege and the government’s practice of trying to obtain a waiver of that privilege. The Task Force’s recommendation, however, was not in fact the language passed by the House of Delegates as…
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