Convicted Galleon Group LLC founder Raj Rajaratnam on Friday kicked off a Second Circuit fight over his $92.8 million civil fine, telling the appeals court that U.S. District Judge Jed Rakoff improperly used the fine to try to impoverish him.
A former NBA player was denied a new trial on wire fraud charges, failing to convince a New Jersey federal judge that ineffective counsel and prosecutorial misconduct led to unjust convictions on allegations of operating a $2 million Ponzi scheme involving purported real estate investments.
Ally Financial Inc. said on Friday that securities regulators have requested internal documents as part of an ongoing probe into subprime auto lending.
Two men were sentenced Thursday in Ohio federal court for their parts in a $24 million wire fraud scheme involving nonexistent hedge funds and Iraqi currency sales, according to the U.S. attorney's office.
October was an especially busy month for attorneys moving back and forth between the government and private practice, with six federal prosecutors and a host of high-ranking officials joining BigLaw firms, including Jones Day, Sidley Austin LLP and Morgan Lewis & Bockius LLP.
The Pennsylvania Commonwealth Court ruled on Friday that records regarding an investigation commissioned by the Pennsylvania State University’s board of trustees into the Jerry Sandusky sex abuse scandal are protected by privilege and cannot be released under the state’s Right to Know Law.
The former chief financial officer of now-defunct United Commercial Bank on Thursday became the latest top executive charged for his role in a scheme to hide $65 million in loan losses from the bank’s accountant.
A former government contractor for the U.S. Navy Military Sealift Command requested a lighter sentence than guidelines recommend on Friday after pleading guilty in Virginia federal court to accepting illegal bribes in exchange for $5.5 million in government contracts.
The U.S. Securities and Exchange Commission denied a man’s bid to overturn his ban from working in the industry for insider trading on Walt Disney Co.’s buyout of Marvel Entertainment Inc., after finding a Dodd-Frank Act provision could not save him, according to an opinion made public Thursday.
A former attorney in Virginia was sentenced to six years in federal prison Friday and ordered to pay $1.1 million in restitution after he admitted to stealing funds from his bankruptcy clients and committing fraud schemes using credit cards in the names of his mother and wife.
A Beverly Hills executive for Israel’s Mizrahi Bank on Friday beat criminal charges that he conspired with his clients to hide millions from the Internal Revenue Service in overseas accounts, with a California federal jury delivering a unanimous not guilty verdict.
The judge presiding over the liquidation of Bernard L. Madoff’s defunct firm refused on Thursday to let several investors suing the estate of Ponzi scheme beneficiary Jeffry Picower in Florida take discovery in an attempt to salvage their claims from the trustee winding down the Madoff estate.
Former UBS AG wealth management head Raoul Weil has urged the Florida federal judge presiding over his tax fraud conspiracy trial to acquit him on the grounds that the U.S. government, which rested its case Thursday, failed to establish its claims.
The former chairman of South Korean shipping conglomerate STX Group was sentenced Thursday to six years in prison for illegally moving funds around and misstating the company's finances to the tune of $556 million, according to reports, a year after one of STX's units hit bankruptcy in the U.S.
An Illinois federal judge denied a bid by state Rep. Derrick Smith for a new trial months after he was found guilty of bribery charges stemming from an FBI sting operation that caught the Chicago Democrat accepting $7,000 in cash to help a business that he thought was applying for a state grant.
The co-founder of torrent download website Pirate Bay and a 21-year-old accomplice were reportedly convicted by a Danish court Thursday of illegally hacking into the systems of information technology giant Computer Sciences Corp. and stealing thousands of Danish social security numbers.
A Long Island attorney has been indicted on charges of forging a New York bankruptcy judge's signature in a phony 2013 order, prosecutors said Thursday.
A Virginia state circuit court ruled Tuesday that a criminal defendant cannot be compelled to give up his smartphone pass code to authorities, saying that would violate his Fifth Amendment right against self-incrimination.
A former Pfizer Inc. sales manager who was convicted in 2009 for illegal drug marketing can’t be forced to testify in a class action suit alleging the pharmaceutical giant concealed a broader fraud scheme from investors, a New York federal judge ruled Thursday.
Former SAC Capital Advisors LP manager Mathew Martoma urged the Second Circuit Wednesday to keep him free pending appeal of his $275 million insider-trading conviction, saying that the novel definition of “benefit” used to convict him was unlikely to hold up.
Successful criminal investigations for the U.S. Department of Justice Antitrust Division in one particular industry tend to generate subsequent cases in the same area. A prime example, and a primary drive of the recent uptick of large criminal fines, is the automobile parts investigation, says Timothy Westrick, a former prosecutor with the U.S. Department of Justice.
As conscientious professionals who are required to address problems with notoriously elusive dimensions, lawyers should consider securing second opinions in a much wider array of circumstances than has been the norm, says Judge Wayne Brazil, a neutrual with JAMS and former magistrate judge in the U.S. District Court for the Northern District of California.
Attorney General Eric Holder’s planned exit and a string of other high-level departures could lead some to believe that the U.S. Department of Justice’s aggressive pursuit of financial fraud cases may be behind us. However, there is evidence to suggest that the Residential Mortgage-Backed Securities Working Group may in fact be ramping up rather than winding down, say Andrew Schilling and Ross Morrison of BuckleySandler LLP.
Given the U.S. Supreme Court’s denial of a writ of certiorari in United States v. Esquenazi, it is important to digest the import of the Eleventh Circuit’s opinion and how it will play out in emerging economies. Companies with operations in these markets are at the mercy of a number of factors that weigh heavily in favor of state-owned entities qualifying as “instrumentalities,” say Jim Dowden and Samad Pardesi of Ropes & Gray LLP.
Courts remain largely skeptical about allowing litigants to serve and notify evasive parties of legal proceedings through their social media accounts. A recent split ruling by the Oklahoma Supreme Court shows the competing considerations, say Steven Richard and Britt Killian of Nixon Peabody LLP.
Let’s face it: Taking friends or acquaintances to Justin Timberlake concerts or golf at the Ocean Course is not how we as law firm associates are going to develop business. Our primary value comes not from out-of-office networking jaunts but from bearing a laboring oar for our partners. Which is why our best approach to business development is more likely from the inside out, says Jason Idilbi of Moore & Van Allen PLLC.
The prosecution of Michael Coscia of Panther Energy Trading LLC is the first by the U.S. Department of Justice under the anti-spoofing provision of the Commodity Exchange Act. Given the current trends and dedication of substantial DOJ and Commodity Futures Trading Commission resources to commodities and securities fraud investigations, it would appear that more prosecutions are likely, say attorneys with Mayer Brown LLP.
In a pair of disappointing recent speeches, leading U.S. antitrust enforcers stated that a company's pre-existing compliance program is not a basis for a reduction in punishment for a cartel offense, which stands in stark contrast to the position of other components of the U.S. Department of Justice and recent draft guidance issued by Canada, say Douglas Tween and Arlan Gates of Baker & McKenzie LLP.
Faced with a growing trend of trade secret theft, Japanese lawmakers are actively debating reforms to strengthen both civil and criminal enforcement of trade secrets. The proposals, however, fail to address the fundamental weakness of trade secret enforcement under current Japanese law, say attorneys with Finnegan Henderson Farabow Garrett & Dunner LLP, Kitahama Partners and Lexia Partners.
Based on almost 30 years of experience in the defense industry, I do not believe that offset transactions are inherently or frequently corrupt. But with a potentially high Foreign Corrupt Practices Act compliance risk, these projects require thorough risk-based due diligence on the parties involved in them, says Howard Weissman, of counsel with Baker & McKenzie LLP and former associate general counsel at Lockheed Martin Corp.