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SEC Plans to Push Ahead Against Scrushy
An AP story (here) states that the SEC plans to file papers in connection with a hearing on July 7 before U.S. District Judge Inge Johnson that it wants to move forward with the civil fraud case against former (and future?) HealthSouth CEO Richard Scrushy. The Commission filed its case back in March 2003 (complaint…
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Duo Allegedly Targeted Christian Ministries and Non-Profits in Investment Scam
The SEC filed a civil injunctive action in Texas alleging that Stanley Leitner and Bradley Stark, the latter a convicted felon on supervised release at the time, engaged in a fraudulent scheme that raised $13.8 million from Christian ministries by promising that some of the returns on the investments would be used for charitable purposes. …
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Thinking Back to Those Halcyon Days of Whitewater
As the lazy days of summer are upon us, with our nation’s Capitol abuzz with talk of the Chief Justice joining Justice O’Connor in the resignation parade, it’s sometimes nice to remember a more gentle time, when the White House was leaking information to the New Yorker about Linda Tripp’s failure to include a prior…
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What Will the Reporter’s Notes Reveal?
Surprisingly, Time, Inc. has decided to forego the reporter’s privilege and provide its notes to a special prosecutor, notes that may provide information concerning an investigation into a leak of the name of a CIA agent. This position is contrasted with the New York Times that has decided to remain silent and risk a possible…
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First Enron Nigerian Barge Defendant to Begin Prison Term This Month
Daniel Bayly, a former Merrill Lynch executive convicted in the Enron Nigerian Barge trial and sentenced to a thirty-month term of imprisonment, has been ordered by U.S. District Judge Ewing Werlein to report to prison on July 14. Bayly’s request for bail pending appeal was turned down by the Fifth Circuit (see earlier post here),…
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Nice House, Good Neighborhood, Needs Work
Jules Fleder of Beverly Hills, CA, was indicted for being the mastermind behind an investment scheme that allegedly bilked investors in the Tyler, Texas, area of almost $6 million for supposed real estate developments in Texas, Virginia, and South Carolina. The SEC also sued Fleder and three other defendants for securities fraud (Litigation Release here),…
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Even Microsoft Messes Up Sometimes, Too
Frank Philips, a former Microsoft employee, was convicted on Friday, July 1, of ten counts of wire fraud and one count of using a false social security number related to a scheme to steal software from the company and then sell it on eBay. Philips made over $100,000 from his scheme. This wasn’t Philips’ first…
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Justice O’Connor and White Collar Cases
Without doubt, Justice O’Connor’s upcoming departure from the high court will be significant to areas related to social issues in society. And depending on the replacement selected, it may change the course of the Court’s jurisprudence in many areas, as she often served as a swing vote. But will this departure be significant to white…
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Fraud – An International Perspective
Fraud investigations and charges are not unique to the U.S. Looking at the Times U.K. of today we see a headline titled, "Baugur Fraud Charge Rocks Somerfield Bid." Baugur, an Icelandic company, states that its " main policy is to focus on investments in the retail, service and real estate sectors, in Iceland and northern…
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Florida A & M and NSF Settle
The Chronicle of Higher Education reports that "Florida A&M University has reached a $1.5-million settlement with the National Science Foundation, which had been investigating the possible misuse of a grant to encourage research by minority students." (see here– subscription required) (esp)
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