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Bayly Seeks Reconsideration of the 5th Circuit’s Bail Denial
Former Merrill Lynch investment banker Daniel Bayly, convicted in the Enron Nigerian Barge Trial, has sought reconsideration by the Fifth Circuit of its earlier decision to deny him bail pending appeal of his conviction, for which he received a 30-month term of imprisonment. Tom Kirkendall’s Houston’s Clear Thinker blog has a post about Bayly’s request…
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Perspective on the Kozlowski/Swartz Verdicts
This was without doubt a big victory for the office of Robert Morgenthau. Morgenthau, who was elected District Attorney of Manhattan in 1974, is in the midst of a hotly contested election against Leslie Crocker Snyder (see here). What does this verdict mean? 1. With 22 of 23 counts being guilty, this is not…
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Guilty – Kozlowski and Swartz
The Wall Street Journal reports here that the jury has found Dennis Kozlowski and Mark Swartz guilty of "grand larceny, conspiracy, securities fraud and eight of nine counts of falsifying business records." See also stories of CNN here and Atl. Jrl Const. AP story here. More comments later. (esp)
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DC Trial of Teacher’s Union Officials
In the capitol, a white collar trial started concerning an alleged embezzlement by former DC Teacher’s Union officials. The Washington Times reports here that "[t]he three are accused of misappropriating nearly $5 million in union dues from the late 1990s to 2002 along with" another individual. This other person has plead guilty and is expected…
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Newspaper Fraud?
The government going after the newspaper? Not quite. But DOJ did indict three individuals for their alleged role in defrauding newspaper advertisers. A press release of the Eastern District of New York reports here "the arrest of three former employees of Newsday and Hoy, subsidiary companies owned and operated by the Tribune Company, for their…
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Cianci Resentencing a Non-Event
The resentencing of former Providence, RI, Mayor Vincent (Buddy) Cianci turned out to be a non-event, as Doug Berman notes on the Sentencing Law & Policy blog (here). Cianci was convicted in June 2002 on RICO and corruption charges, and sentenced to a 64-month term of imprisonment, but after Booker the First Circuit remanded the…
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Tobacco – What is Happening at DOJ?
The NYTimes reports here on some of the happenings in DOJ on the tobacco case of the government. Although the complaint uses RICO, it uses the civil provisions of RICO. It sounds like the Office of Professional Responsibility is investigating the matter. What is the Office of Professional Responsibility? Well, their web page says: "The…
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Where Have All the Accounting Firms Gone
Will we one day be singing the song – Where have all the accounting firms (flowers) gone? Or will a settlement be forthcoming in the latest investigation by DOJ of KPMG. Certainly the risks are enormous for both sides — KPMG doesn’t want to end up like Andersen, and the government doesn’t want more grief…
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Can Waiting for a Jury Verdict Be Cruel & Unusual Punishment
The 8th Amendment prohibits cruel and unusual punishment. But can waiting for a jury verdict ever reach that level? Probably not, but it must seem that way to some defendants, especially those who right now have timeless days of waiting. Jury deliberations in the trial of Dennis Kozlowski and Mark Swartz have gone on for…
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Bristol-Myers Squibb Agrees, 2 Execs Get Indicted, and Seton Hall Gets A Chair
A DOJ News Release reports that: "Bristol-Myers Squibb Company (BMS) has agreed to pay an additional $300 million in restitution and undertake a series of corporate reforms as part of an agreement with the government to defer prosecution on a charge of conspiring to commit securities fraud for the company’s failure to disclose its ‘channel-stuffing’…
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