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Student Convicted in Computer Crime Case
A University of Texas student was convicted for computer hacking into his school’s system. A press release for the U.S. Attorney’s Office for the Western District of Texas states: "After deliberating for approximately five hours beginning this afternoon, the jury found that in January, February and April 2002, Phillips attempted to breach the security of…
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Convictions in Second Philadelphia Corruption Trial
A second corruption trial in Philadelphia arising out the FBI bugging of Mayor Street and those with close ties to him resulted in a guilty verdict on most charges for the principal defendant, Imam Shamsud-din Ali, and businessman John Johnson, and an acquittal for attorney John Christmas, a former aid to the Mayor’s chief of…
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Bank of America Agrees to Pay $1.5 Million Civil Penalty for Failure to Preserve E-Mails
E-mails have played an important role in a number of cases, from the prosecutions of Frank Quattrone and Arthur Andersen to the broker analysts conflict-of-interest settlement. Brokers are required to maintain e-mails for three years, and Bank of America agreed to settle an SEC administrative proceeding finding that the company (through two investment adviser arms,…
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Australian Law Firms Searched
Mark Godsey at Crimprof has a post here of a story from the Austrialian titled, "Law Firms Raided in Tax Fraud Blitz," telling how several prominent law firms in Austrialia were searched in an investigation into an alleged international tax fraud scheme. (esp)
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JP Morgan Joins the Enron Settlement Bandwagon
As expected (see earlier post here), J.P. Morgan Chase & Co. entered into a settlement in the Enron securities fraud class action by agreeing to pay $2.2 billion, which tops the $2 billion paid by Citigroup last week. Together with its settlement in the WorldCom class action earlier this year, J.P. Morgan has now paid…
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Former MassMutual CEO Subject of State Criminal Investigation
The Wall Street Journal reports (here) that former MassMutual Financial Group CEO Robert O’Connell, fired by the company last week for "willful malfeasance" related to self-dealing and other alleged improprieties, is now the subject of a criminal investigation by Massachusetts Attorney General Thomas Reilly. O’Connell denies that he acted improperly, but a criminal investigation will…
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SEC Bumps Up OfficeMax Case to Formal Investigation
OfficeMax announced that the SEC notified the company that an informal investigation into its accounting practices related to vendor payments has now become a formal investigation (press release here). OfficeMax disclosed in December 2004 that it was conducting an internal investigation "into claims by a vendor to its retail business that certain employees acted inappropriately…
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Desperate Housewives Meets the Executive Suite
The Wall Street Journal (here) has an article entitled "Scorned Spouses Can Wreak Havoc With Mates’ Careers" that discusses the recent firing of Robert O’Connell as CEO of MassMutual Financial Group for "willful malfeasance" after an investigation triggered by a report from his wife that O’Connell was having an affair with another executive at the…
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Is Scrushy Using an “O.J. Defense”?
Cynthia Tucker, an editorial writer with the Atlanta Journal-Constitution, has a provocative column (here) entitled Scrushy Tries O.J. Defense. She asserts that Scrushy’s defense is designed to "try to pass yourself off as a black man who is the victim of government persecution." According to Tucker, "Strange as it may seem, the strategy may be…
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Can Anyone Figure Out Krispy Kreme’s Financials?
Krispy Kreme doughnuts remain a sinful pleasure, but the company’s financial statements are turning into pure torture for investors as the corporation again delayed filing its quarterly report. Krispy Kreme Doughnuts Inc. has not filed a quarterly report since the period ending July 31, 2004, and in April it delayed filing its annual report. In…
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