A New York federal court on Friday sentenced two former Vitesse Semiconductor Corp. executives to three years’ probation after they pled guilty to manipulating company records to thwart an expected stock-options backdating investigation by federal authorities.
A Texas grand jury indicted a former executive of a state cancer prevention institute on one felony charge stemming from alleged improprieties in an $11 million grant awarded to a pharmaceutical research firm, the Travis County District Attorney’s office said Friday.
An Ohio accountant was sentenced to more than three years in prison Friday for his role in filing fraudulent income tax refunds totaling more than $8.8 million and using the money to convince others to invest in a real estate venture.
A former Goldman Sachs Inc. trader who pled guilty to fraudulently building an $8.3 billion futures position on Friday received a nine-month prison sentence and was ordered to pay back the $118 million his illicit trades cost the firm.
A California federal judge overseeing multidistrict price-fixing litigation against lithium-ion battery manufacturers on Friday ordered Panasonic Corp. to hand over documents used in a separate grand jury investigation that led Panasonic subsidiary Sanyo Electronics Co. Ltd. to plead guilty to antitrust charges and pay $10.7 million.
An attorney convicted in Pennsylvania’s “kids for cash” kickback scandal sued a business associated with his former partner in building juvenile detention facilities in state court on Thursday, alleging that the partner swindled him out of his interest in the two facilities.
A Virginia federal judge on Friday sentenced a former U.S. Department of State contract specialist to two years in prison and her husband to 18 months on fraud and money laundering charges for allegedly funneling nearly $53 million in government contracts to a company they controlled.
A former Rhode Island attorney and executive at defunct defense contractor Advanced Solutions for Tomorrow Inc. on Friday was sentenced to five years of probation for her role in a 15-year, $10 million U.S. Navy kickback and bribery scheme.
Security contractor Protection Strategies Inc. asked a Virginia federal court Thursday to reject Starr Indemnity & Liability Co.’s attempt to dodge covering PSI’s defense costs stemming from allegations it defrauded NASA and other agencies in a $31 million kickback scheme for which several PSI executives face criminal charges.
A federal judge on Wednesday bottled up evidence in a corruption case against two lawmakers — New York state Sen. Malcolm Smith, D-Hollis, and New York City Councilman Dan Halloran, R-Queens — as well as a mayor and political party bosses, citing ongoing investigations that could be hampered.
The Ninth Circuit on Thursday affirmed the conviction and lengthy prison sentence of a Las Vegas businessman who attempted to avoid paying payroll and income taxes by paying his employees' wages in gold and silver coins, finding he had been given enough notice that the pay scheme was illegal.
A Minnesota federal judge on Thursday rejected Thomas J. Petters’ “last-ditch attempt” to escape punishment after being convicted of running a $3.7 billion Ponzi scheme and using the ill-gotten profits to buy Polaroid Corp. and other companies, calling the appeal his “final con.”
Rep. George Holding, R-N.C., announced Thursday that he has introduced a bill to increase potential criminal penalties for identify theft by government officials and others tasked with aiding Affordable Care Act implementation, saying inadequate background screening and weak website security necessitated the legislation.
A former Dell Inc. manager who provided investment firm professionals with inside information was sentenced to probation Thursday, dodging a prison term after he cooperated with prosecutors in investigations, including that of SAC Capital Advisors LP's Michael Steinberg.
Close to two dozen Detroit-area residents have been charged for their alleged roles in $34 million in Medicare fraud schemes in which they are accused of submitting fraudulent claims for home health care, chiropractic and psychotherapy services that were not provided, prosecutors said Thursday.
A New Hampshire federal judge on Tuesday sentenced a onetime hospital technician to 39 years in prison for stealing painkiller-filled syringes and then secretly reloading them with saline, leading to dozens of patients becoming infected with hepatitis C.
New York federal prosecutors on Thursday charged dozens of current and former Russian diplomats and their spouses with lying about their incomes to score Medicaid benefits in the U.S., pulling back the curtain on an alleged $1.5 million health care fraud scheme.
The Internal Revenue Service needs to improve an information technology service that will help the agency implement the Foreign Account Tax Compliance Act in order to ensure FATCA’s success, says a report released Thursday by the Treasury Inspector General for Tax Administration.
A Kansas federal court on Monday sentenced a Wisconsin man who admitted to taking part in a cyberattack against Koch Industries Inc. that was organized by the hacking group Anonymous to two years probation and ordered him to pay the company the costs of responding to the breach.
Bank of America Corp. agreed Wednesday to pay $20 million to settle part of a multidistrict litigation accusing it and other financial institutions of bid-rigging in the municipal bond derivatives market.
The fact that some prominent judges have rejected binding plea agreements between corporations and the government means that companies negotiating plea agreements should be more prepared than ever to answer questions about why the binding sentence they are proposing is not only fair for the parties but for the general public as well, say Diana Lloyd and Jacqueline Mantica of Choate Hall & Stewart LLP.
The U.S. Securities and Exchange Commission has generally not concerned itself with improper conduct involving embargoed countries. But the SEC’s complaint in the recent Weatherford International Ltd. case suggests that the agency takes the position that inaccurate accounting of transactions with embargoed countries can result in violations of the Exchange Act, say attorneys with Ropes & Gray LLP.
If it’s the holiday season — a time for charity and good deeds — it must also be the time for nonprofit scandals, mismanaged money and outright fraud. The United Way of America and Progressive Policy Institute cases offer many lessons that boards of charities should take to heart, says Terry Lenzner of Investigative Group International.
Because Latin American countries differ substantially from one another, there is no effective one-size-fits-all approach to anti-corruption compliance in the region. That said, companies doing business in the region should be aware of a number of recurring compliance concerns that may lead to an increased risk of violating the FCPA or other applicable anti-bribery laws, say attorneys with Debevoise & Plimpton LLP.
In many instances, the very businesses still facing time and budgetary constraints that hamper employee understanding of compliance must now add a new layer of comprehension in 2014. The stage is set for a banner enforcement year for regulatory bodies worldwide, says Veta Richardson, president and CEO of the Association of Corporate Counsel.
A new avenue of recovery has just been opened to Madoff victims. The U.S. Attorney for the Southern District of New York recently announced that the Madoff Victim Fund would begin accepting claims. Those who lost money invested with Madoff — indirectly or directly — should be aware of several aspects of the MVF so they can maximize their recovery, say James Masella and Jeremy Weinberg of Patterson Belknap Webb & Tyler LLP.
Mandated law student pro bono programs have not worked in championing the causes of social justice for those unable to afford counsel. States would be far better off using their resources to insist on a legislative solution to a very troubling and persistent deficiency in the allocation of legal resources, says Fred Isquith of Wolf Haldenstein Adler Freeman & Herz LLP.
Remarks from U.S. Department of Justice and U.S. Securities and Exchange Commission officials at the 30th International Conference on the Foreign Corrupt Practices Act reaffirmed the heightened risk of prosecutions — and particularly the increased potential for multijurisdictional investigations — at a time when some observers have perceived diminishing support for anti-corruption enforcement, say Taylor Phillips and Eli Richardson of Bass Berry & Sims PLC.
Picture this: A seller of goods is losing tens of millions of dollars per year on a requirements contract containing price caps that the parties have operated under for years. Given the Uniform Commercial Code and relevant case law, it would be natural — and completely logical — to accept the cogent authority establishing that rising costs are generally insufficient to invalidate a contract. I am betting that, in this case, the law will trick you, says Andrew Jarzyna of Ulmer & Berne LLP.
The Computer Fraud and Abuse Act has been aggressively applied to issues or disputes that were not even conceived when the statute was enacted. However, as seen in United States v. Kane, there are limits to its application, says Jeffrey Neuburger of Proskauer Rose LLP.