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The UCB Indictment
The indictment returned against former United Commercial Bank senior officers Ebrahim Shabudin and Thomas Yu on September 15, 2011, was unsealed on October 11 in the Northern District of California. This is one of the very few significant bank/securities fraud cases, related to the financial meltdown, that has been brought by Attorney General Holder's Department of Justice. Here is a copy of the
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Yesterday in Fraud
In an otherwise unremarkable bank and mail fraud affirmance, the Fifth Circuit reminds us that losses cannot be included as relevant conduct unless they are bottomed on criminal and/or fraudulent behavior. The appellant in U.S. v. Bernegger (loss must be criminally derived to count as relevant conduct), obtained two grants of $250K each from the State of
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Reyes Conviction Affirmed
Gregory Reyes, former CEO of Brocades's conviction for securities fraud and making false filings with the SEC, falsifying corporate books, and false statements to auditors was affirmed by the Ninth Circuit. The prior conviction had been vacated because of prosecutorial misconduct. Convicted after a new trial, he argued that the case should be "dismissed because
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Dog Bites Man, Dewey Takes Manila, OPR “Exonerates” Lead Stevens Prosecutor
Surprise, surprise, surprise. According to Joe Palazzolo at WSJ's Law Blog, DOJ's Office of Professional Responsibility has cleared Brenda Morris of any wrongdoing whatsoever in the Ted Stevens case. The story is here. (wisenberg)
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Rajaratnam Receives Eleven Year Sentence
Hedge fund billionaire Raj Rajaratnam was sentenced today to an 11-year prison sentence, reportedly the longest sentence ever for insider trading, by Southern District of New York Judge Richard J. Holwell. The sentence was below the approximately 19- to 24-year sentence requested by the government and above the approximately six to eight years requested by
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Charges Dropped In Mortgage Fraud Case Following Hung Jury
Prosecutors have decided to drop the charges against an individual who had been arrested last year as part of "Operation Copout," a mortgage fraud investigation. The individual had initially been charged with 34 criminal charges, including multiple counts of mail and wire fraud. The case had been tried in a five month jury trial that had
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DOJ Charges to Defendant for Discovery of Documents is Excessive
A few weeks ago an assistant U.S. attorney told David Finn, a Dallas criminal defense lawyer, that the government lacked funds to pay for copies of the documents it had requested as reciprocal discovery, even though the government had earlier charged Mr. Finn approximately $1,000 at 22 cents per page for copies of the discovery documents
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New Scholarship -New Crimes and Punishments: A Case Study Regarding the Impact of Over-Criminalization on White Collar Criminal Cases
Lucian Dervan, Southern Illinois, has a new article titled, "New Crimes and Punishments: A Case Study Regarding the Impact of Over-Criminalization on White Collar Criminal Cases." The abstract states in part: "While much has been written about the plethora of negative consequences resulting from over-criminalization generally, it is worth noting that not everyone believes these
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DOJ White Collar Prosecutions
Is it my imagination, or has the DOJ been picking up its numbers in prosecutions and resolutions in white collar cases? Or is it just an increase in DOJ Press Releases? - DOJ Press Release, Australian Man Pleads Guilty to Accepting Payment as Reward for Steering $15 Million in U.S.-Funded Contracts in Afghanistan DOJ Press Release, Former
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Yesterday in Fraud
Some noteworthy white collar decisions from the federal circuits, published on 10-3-11: U.S. v. Gilchrist (9th Cir. 2011) (Guidelines obstruction enhancement okay even if defendant did not know of pending criminal investigation) U.S. v. King (9th Cir. 2011) (Section 1001 conviction upheld even though false statement was made to state agriculture official) U.S. v. Leslie (2nd Cir.
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