White Collar

  • October 24, 2014

    Halal Food Co. Owner Accused Of Beef Export Fraud

    The owner of an Iowa halal food company has been charged with fraudulently exporting to Malaysia and Indonesia beef that was allegedly mislabeled to make it appear that the meat had been prepared in accordance with those countries' import standards, according to court documents filed in Iowa federal court Thursday.

  • October 24, 2014

    Witness, Defense Clash Over Claims In UBS Tax Fraud Case

    Government witness Martin Liechti clashed with defense counsel Friday during the start of his cross-examination in the tax conspiracy trial of ex-UBS executive Raoul Weil, over the former senior Swiss banker's recollections of documents and meetings, Weil's actions on projects and their purported friendship.

  • October 24, 2014

    UK Watchdog Wants Extra £26.5M For Libor, Fraud Probes

    The U.K.'s Serious Fraud Office is seeking an extra £26.5 million ($42.6 million) in funding to cover the cost of high-profile investigations, including a probe into alleged manipulation of the London Interbank Offered Rate, according to a government official Thursday.

  • October 24, 2014

    ZeekRewards Founder Indicted In $850M Ponzi Scheme

    A North Carolina federal grand jury on Friday indicted the alleged mastermind of an $850 million Ponzi scheme that promised investors bogus, big returns on a "sham Internet-based penny auction company" called Zeekler and its advertising division ZeekRewards.

  • October 24, 2014

    Latham & Watkins Partner Withdraws From AG Consideration

    Latham & Watkins LLP partner and former White House Counsel Kathryn Ruemmler has withdrawn from the race to succeed Attorney General Eric Holder, an administration official confirmed Friday.

  • October 24, 2014

    Gov't Cooperator In SAC Insider Trading Probe Avoids Jail

    A former mutual fund manager who pled guilty to insider trading and served as a key witness in the government’s probe of SAC Capital Advisors LP and several hedge fund managers was sentenced to two years’ probation on Friday.

  • October 24, 2014

    US Can Prove Banker Conspired To Cheat IRS, Judge Says

    A California federal judge on Friday allowed prosecutors to admit out-of-court statements made by coworkers of a California banker accused of helping Americans hide money from the Internal Revenue Service in an Israeli bank, saying prosecutors met a threshold showing they could prove a conspiracy existed.

  • October 24, 2014

    Banks Must Boost Efforts To Block Corrupt Funds, DOJ Says

    The head of the U.S. Department of Justice's foreign asset recovery program on Friday called for banks to ramp up their efforts to know their customers and prevent funds from corrupt governments and dictators from entering their coffers, saying those due diligence procedures need to be in "the DNA of every financial institution."

  • October 24, 2014

    Dechert's £6.6M Fee Row With Miner To Be Heard Privately

    An English appeals court Friday denied Dechert LLP's bid to have a £6.6 million ($10.62 million) overcharging dispute heard in public, saying a criminal and civil investigation of Eurasian Natural Resources Corp. over fraud and bribery allegations would be seriously prejudiced by an airing of the case's dirty laundry.

  • October 24, 2014

    Ponzi Schemer's Sentence Vacated In $6M Fraud Case

    The Second Circuit on Friday vacated an eight-year prison sentence for one of the defendants in a $6 million Ponzi scheme carried out by Watermark Financial Services Group Inc. and M-One Financial Services LLC, and upheld an 11-year sentence for another defendant.

  • October 24, 2014

    Dolce, Gabbana Beat Charges Over $1B Tax Evasion Scheme

    Italy’s highest court on Friday acquitted fashion powerhouses Domenico Dolce and Stefano Gabbana from charges that they hid $1.3 billion from authorities in a tax evasion scheme.

  • October 24, 2014

    Georgia Judge Cops To Stealing From County For Atty, Self

    A Georgia probate judge on Thursday admitted to pilfering more than $63,000 of federal funds from the Hancock County Probate Court for personal use and to pay for an attorney to represent her in an investigation into the embezzlement.

  • October 24, 2014

    Ex-BNY Mellon Manager Admits Tipping Scheme

    A former Bank of New York Mellon Corp. manager pled guilty on Friday to earning more than $700,000 by trading on inside tips from a business school classmate about impending acquisitions in the pharmaceutical industry.

  • October 24, 2014

    CFTC Wins $3M Judgment Against Texas Co. Over Forex Fraud

    A Texas federal judge has granted the U.S. Commodity Futures Trading Commission a $3.3 million judgment against Financial Robotics Inc. for fraudulent sales of forex products to an attorney who was convicted of a $40 million Ponzi scheme, the regulator said on Friday.

  • October 24, 2014

    Ex-Schroders Employee Pleads Not Guilty To Insider Trading

    A former trader for U.K. asset-management giant Schroders PLC pled not guilty Friday to nine counts of insider trading in the stock of Autonomy Corp. PLC and others, setting the stage for a 2016 trial.

  • October 24, 2014

    Ex-Cadillac Ranch Accountant Hit With 1-Year Prison Term

    An Ohio federal judge on Thursday sentenced the accountant who admitted to helping the former owners of the Cadillac Ranch restaurant franchise prepare false tax returns to 12 months and 1 day in prison and ordered him to pay more than $50,000 in restitution and fines.

  • October 24, 2014

    GM Reveals Subprime Lending Probe Goes Beyond DOJ

    General Motors Co. on Thursday revealed in a securities filing that an ongoing investigation into its subprime auto lending practices at its financing unit has spread beyond a previously revealed U.S. Department of Justice inquiry.

  • October 23, 2014

    Ex-Colleague Says Weil Aware Of UBS' Role In Tax Fraud

    As head of UBS AG's wealth management business, Raoul Weil insisted every decision run through him and knew the vast majority of the Swiss bank's nearly 20,000 American accounts were not disclosed to U.S authorities, the former head of UBS' Americas operations testified Thursday in Florida federal court.

  • October 23, 2014

    Rothstein Atty Pleads Guilty In $2.4M Fraud Scheme

    A former Rothstein Rosenfeldt Adler PA attorney who allegedly participated in convicted Ponzi schemer Scott Rothstein’s $1.2 billion Ponzi scheme on Thursday pled guilty in Florida federal court to a wire fraud charge, saying he helped cause investors to lose $2.4 million.

  • October 23, 2014

    College Student Gets 2 Years For Hacking Navy, Others

    An Illinois college student was sentenced Wednesday to 24 months in federal prison for hacking into more than 50 public and private organizations, including the U.S. Navy, Kawasaki Motors Corp. and Harvard University, according to a U.S. attorney’s office.

Expert Analysis

  • An Associate's Perspective On Business Development

    Jason Idilbi

    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.

  • DOJ's 1st Anti-Spoofing Prosecution Reflects 2 Trends

    Marcus Christian

    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.

  • Benefits Of Compliance: US Antitrust Vs. Other Approaches

    Douglas Tween

    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.

  • Japan's Trade Secret Law Reform Should Focus On Discovery

    York Faulkner

    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.

  • Offset Deals Can Pose High FCPA Risks For Defense Industry

    Howard Weissman

    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.

  • GSK Bribery Conviction Signals Increased Risks In China

    Jay Pomerantz

    China’s anti-corruption efforts have historically focused on the Chinese government officials who solicit or receive bribes, but GlaxoSmithKline PLC's recent bribery conviction demonstrates that companies doing business in China must be mindful of China’s own anti-corruption laws in addition to the Foreign Corrupt Practices Act, say Jay Pomerantz and Catherine Kevane of Fenwick & West LLP.

  • DOJ Change On Waiver-Of-Appeal Policies Isn't Enough

    Alain Leibman

    The U.S. Department of Justice recently announced a modest change in its waiver-of-appeal policies. But, as shown in a recent Third Circuit case that severely penalized a defendant who appealed in the face of an unconditional waiver, the DOJ must revisit the entire question of demanding appeal waivers as a condition of a defendant being allowed to plead guilty, says Alain Leibman, a partner with Fox Rothschild LLP and former federal prosecutor.

  • Lessons From Recent DOJ Probes Of Large Banks

    Jacqueline M. Arango

    The U.S. Department of Justice is focusing on large financial institutions for not only failing to comply with federal laws but also for willfully violating laws that were meant to protect the sanctity of the U.S. financial markets. These recent prosecutions, particularly with respect to U.S. embargo violations, provide guidance on what not to do, say Jacqueline Arango and Christine Bautista of Akerman LLP.

  • What Litigators Can Learn From Novelists

    Michael H. Rubin

    Many legal briefs are written in impenetrable jargon and begin with an introduction telling the court what it already knows, using words that stem from the 18th century, such as “hereinafter.” Instead, we should approach briefs the way novelists approach their writing, says Michael Rubin of McGlinchey Stafford PLLC.

  • Tax Lessons From Reality Stars On What Not To Do

    Stephanie C. Chomentowski

    Two reality stars recently made headlines for being prosecuted for tax crimes and fraud, underscoring the fact that how information is conveyed to the government can sometimes make the difference between being able to avoid criminal charges and being sentenced to prison, says Stephanie Chomentowski of Blank Rome LLP.