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Ex-Qwest Exec Pleads
DOJ is certainly not letting up on its crackdown in the white collar crime area. The latest comes in the form of a plea entered by Robin Szeliga, a former CFO of Qwest Communications International Inc . AP reports here that the plea was "to a single count of insider trading." What is significant about…
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Rigases to Remain Free Pending Appeal
Former Adelphia Communications executives John and Timothy Rigas, sentenced last month to 15 and 20 years, respectively, will be allowed to remain free on bail pending appeals of their convictions. Judge Leonard Sand, who presided over the trial, found that they presented at least one issue in their appeal that has a reasonable chance of…
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Don’t Play With Politics
Business Week (AP) reports here a sentence issued pursuant to a plea in which Fermin Cuza, former executive from Mattel, the toy maker, pleaded guilty to one count of submitting false statements to the Federal Election Commission and in return was sentenced to a fine of $500 and probation. More extensive civil fines had previously…
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Government Dismisses Scrushy Appeal
According to the Birmingham Business Journal (here ) the government has dismissed its appeal of the three perjury counts that had been struck down by the district court at trial. Judge Bowdre dismissed these three counts noting that "[t]he Government represented on the record to the court that it has no evidence of perjury apart…
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25 years for Ebbers
The court issued a sentence of 25 years for Bernard Ebbers, the former chief executive of WorldCom Inc. (see here). The Wall Street Journal notes that the judge cited his health and "charitable work" as reasons for the reduced sentence. Reduced? Like the sentences for the two Rigas defendants and Jamie Olis, this sentence is…
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Quattrone Appeal Argued Before the Second Circuit
The appeal by former CSFB investment banker Frank Quattrone of his obstruction and witness tampering convictions was argued before a panel of the Second Circuit on July 12, and reports indicate that the judges have substantial concerns about the jury instructions given by U.S. District Judge Richard Owen and possible prosecutorial misconduct. Quattrone was convicted…
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RenaissanceRe Executive Forced Out For Not Accepting an SEC Subpoena
The usual practice in corporations caught up in the investigation of "finite insurance" (i.e. earnings and reserve management products) is that if an executive asserts the Fifth Amendment, then the person is terminated. This has happened to a number of (now former) AIG executives, and would have happened to former CEO Maurice Greenberg is he…
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Guys – Say Something – Someone is in Jail
The media (e.g., NYTimes here and Wall Street Jrl here) are discussing the failure of President Bush and White House spokesperson Scott McClellan to answer questions regarding whether Karl Rove will be fired. As noted here we are suddenly hearing doublespeak like "I will be glad to talk about it at the appropriate time." While…
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Ebbers Request for New Trial Denied
Bernard Ebbers request for a new trial was denied today, according to AP here (Tampa). This not only clears the way for his sentencing set for Wed. of this week, but also sets the groundwork for the appeal. The appeal is likely to include two issues from the trial. One is that the defense was…
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Update on Enron Related Cases
Some Enron Related Updates: Trial of Ken Lay and Jeff Skilling is set to start in January 2006. Ken Lay’s website here provides copies of his motions as filed by his attorneys. The most recent of July 1st here moves for the dismissal of counts 38 -41premised upon the vagueness of Federal Reserve Board Regulation…
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