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Enron Broadband Services Trial Gets Ready for the Jury
The evidentiary phase of the prosecution of five former executives of the Enron Broadband Services division on securities fraud and conspiracy charges is over after three often excruciating months. The last of the five defendants, Kevin Howard, the CFO of the unit, denied any involvement in a fraud, the same position as the other four…
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The Thompson Memo and Corporate Compliance
For those interested in how the Department of Justice’s policy on charging business organizations, known as the Thompson Memo, affects the way in which corporations now have to conduct their business, be sure to check out a series of posts by Paul McGreal on the Corporate Compliance Prof blog for an excellent summary of the…
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Lea Fastow Completes Her Prison Sentence
Lea Fastow, wife of former Enron CFO Andrew Fastow, completed her one-year term of imprisonment on a tax charge to which she entered a guilty plea related to failing to report income from some of her husband’s various outside ventures that did business with Enron. She also has a one-year term of supervised release. She…
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The Sarbanes-Oxley Pushback Continues
A Financial Times story (here) notes that Rep. Michael Oxley, one-half of the Sarbanes-Oxley duo after whom the corporate and securities reform act is named, asserted that some provisions of the law are "excessive" and the law was passed in a "hot-house atmosphere." That said, Rep. Oxley concludes that there is little chance any of…
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Don’t Bogart That Wi-Fi Connection
An article in the St. Pete Times (here — discussed on TalkLeft here) reviews a case in which a homeowner noticed a truck parked outside his home with the faint glow of a computer screen in the cab. After seeing the truck again later that evening, the homeowner called the police, who determined that Benjamin…
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Broker Pleads Guilty to Mutual Fund Late Trading Charge
New York Attorney General Eliot Spitzer’s office announced a plea agreement with Scott Christian, a broker with Trautman Wasserman & Co., Inc., for executing thousands of after-hours trades for hedge funds in various mutual funds (press release here). Christian entered a guilty plea to violating the Martin Act, New York’s broad securities fraud statute. In…
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Rapper Compared to Martha Stewart
Yahoo News (AP) reports here that Rapper Lil’ Kim received a sentence of 366 days (year and a day) for "lying to a federal grand jury about a 2001 shootout outside a Manhattan radio station." The district judge sentencing Rapper Lil’ Kim was none other than Judge Gerard Lynch, a thoughtful jurist who authored a…
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More on Jailing of Judith Miller
Clearly the top [a] story today is the jailing the NYTimes reporter Judith Miller. The Wall Street Jrl here points out how the prosecutor on this case Patrick J. Fitzgerald has never provided to the court what crime he is pursuing. If there is no crime, is he entitled to this information? Is it a…
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Will Reporters Go to Jail?
Discussed here and here is the ongoing controversy of whether two reporters (one from Time, Inc. and the other from the NYTimes) will face jail for not testifying on their source of a leak that provided them information allowing them to report the name of a CIA operative. Although Time, Inc. caved in and gave…
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Former President of Brooklyn Bar Association Sentenced to 27 Months in Prison
Edward Reich, former president of the Brooklyn Bar Association and a member of its Judiciary Committee for 27 years, was sentenced to a 27-month term of imprisonment and fined $75,000 for accepting bribes to lower the sale price on three foreclosure sales that he was appointed by the court to oversee. Reich entered a guilty…
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