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Defendant in Michigan’s Largest Securities Fraud Gets Ten Year Sentence
Patrick Quinlan, who was CEO of MCA Financial Corp., which invested in Detroit-area real estate and financed it operations by selling securities, received a ten year prison sentence after pleading guilty two years ago to conspiracy to commit mail, wire and securities fraud. The company collapsed in 1999, triggering losses to investors of over $265…
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Can the “S” Show Intent?
News reports on the Valerie Plame leak investigation are raising interesting questions about a possible perjury case involving witnesses who testified before the grand jury. A Bloomberg article (here) notes that I. Lewis Libby, chief of staff for the Vice President, testified that he learned about Plame’s CIA role from NBC’s Tim Russert, but Russert…
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Fake Doctor’s Note Defendant Pleads Guilty
Michael Alcott tried to postpone his bank fraud trial by submitting a fake doctor’s note to the district court stating that he had terminal cancer. As discussed in an earlier post (here), upon learning about this little ruse, the court revoked his bail and ordered him held pending the start of trial. Alcott has now…
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Top Five “Nicest” Prisons for White Collar Criminals
An article in the Corporate Crime Reporter (here) quotes Allan Ellis, the co-author of the Federal Prison Handbook 2005, listing his Top Five federal prisons for white collar offenders, including a little background on the "amenities" at each. Here we go (with links to each location on the BOP website in case you’d like to…
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42-Month Sentence for Mail Fraud
U.S. District Judge E. Richard Webber (E.D. Mo.) sentenced Richard Drury to a 42-month term of imprisonment for his conviction on four counts of mail fraud related to creating false invoices for returns of expired drugs. Drury was chief operating officer for a company called Easy Returns Worldwide Inc. (catchy name), and a press release…
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State Guide to Collateral Consequences
In white collar cases, the criminal sentence may only be a part of the penalty paid by the convicted defendant. Collateral consequences, such as loss of license, can also result from a criminal conviction. Margaret Colgate Love authored a new study that may assist here. It is titled, Relief From The Collateral Consequences Of A…
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Fly Safely
Operation Safe Pilot has resulted in the indictment of forty individuals. U.S. Department of Justice, United States Attorney for the Northern District of California reports here that 30 defendants were charged with violations of 18 USC 1001 (False Statements to a Government Agency), and 10 additional individuals were charged with violations of 18 USC 1018…
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NG &/or Mistrial for Five Former Enron Employees
AP reports here that three former executives employed by Enron heard "not guilty" to some of the counts against them. The jury failed to reach a verdict on other counts against these three individuals, as well as on counts against two others who were on trial. The bottom line is that despite a lengthy trial,…
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Karl Who? and the Media
With the announcement of a Supreme Court nominee, the front page of newspapers across the United States focused on this newly nominated individual – the Hon. John G. Roberts Jr. As one might suspect, Karl Rove’s name was no longer on the front page. For example, one finds him mentioned on page 6A of yesterday’s…
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SEALS Conference
At the Southeastern Association of Law Schools (SEALS) conference, Professor Joan Hemingway of University of Tennessee Law School led a wonderful discussion titled, "Corporate and Securities Fraud Update." In addition to moderating the panel, she offered her own comments that "put a face on corporate fraud," specifically discussing the securities aspect of the Martha Stewart…
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