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Scrushy’s Trial
According to an AP news report, the prosecution called Arthur Beam to present testimony today in the trial against Richard Scrushy. Beam, a former HealthSouth exec, said that Scrushy told him "[i]t’s not an option to miss our numbers. You guys need to fix the numbers." According to the news report, "Beam said he participated
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The Prosecution Opens – Tyco Execs
The prosecution gave its opening statement in the retrial of Dennis Kozlowski, Tyco’s former chief executive officer, and Mark Swartz, the company’s former finance chief. According to an AP report on the trial, the prosecution has made some changes in the way they are proceeding. This news story reports that, "[a]bsent from [the prosecutor’s] opening
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Will Scrushy or Ebbers Testify?
With the opening statements in the trials of Bernie Ebbers and Richard Scrushy out of the way — on the same day no less — the question arises whether either one will testify in his defense. Reports on the opening arguments gave no indication one way or the other, which is not surprising because defense
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Riggs Bank To Accept Plea Agreement
Riggs National Corporation, the parent of Washington D.C.’s Riggs National Bank, is on the verge of accepting a plea agreement with the Department of Justice for violating the Bank Secrecy Act for failing to report suspicious activity in accounts involving possible money laundering, according to an article in the Wall Street Journal (Jan. 26). The
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Goldman Sachs and Morgan Stanley Settle SEC Complaints About IPO Allocations
The SEC announced that it filed and settled complaints against Goldman Sachs and Morgan Stanley relating to the allocation of shares in Initial Public Offerings (IPO) to clients of the firms by requiring those receiving shares to place orders to purchase additional shares, thereby raising the price of the stock. Each firm agreed to pay
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Mail/Wire Fraud Charges Involving Federal Rural Telephone Subsidies
The U.S Attorney’s Office for the Western District of Missouri (Kansas City) announced the indictment of Richard and Daniel Martino, the controlling shareholders Cass Country Telephone Co., a rural communications provider that is eligible to receive subsidies from the federal government for providing service (it’s the Universal Service Fee on your telephone bill). The eleven-count
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Opening Day for Ebbers
According to an AP story, opening statements in the trial of Bernie Ebbers had the prosecution and defense presenting very different sides to events. The government presented a scenario that "Bernard Ebbers told ‘lie after lie after lie’ about the crumbling state of WorldCom Inc. in an obsessive drive to meet Wall Street expectations and
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Opening Salvos in Scrushy Trial
The government and defense made their opening arguments in the trial of former HealthSouth CEO Richard Scrushy. A report from the Atlanta Journal-Constitution (Jan. 25) provides the following summary of the arguments by U.S. Attorney Alice Martin and Jim Parkman: "They pumped up the profits, and he hid it from the public," said Martin. She
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International Insider Trading Settlement
The SEC issued a Litigation Release (Jan. 25) discussing the settlement of a civil injunctive action for insider trading by Jun Singo Liang, a Chinese citizen who does not reside in the United States. Liang is a senior vice president and general manager of the Wireless Business Department for NetEase.Com, a Beijing-based company with an
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Let the Trials Begin!
The jury has been picked in the trial of Richard Scrushy in Birmingham, Ala., and opening statements will begin today. An article in the Birmingham News (Jan. 25) describes the jury: "A jury made up mostly of blacks and men was selected Monday to decide the case of HealthSouth Corp. founder Richard Scrushy, who faces
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