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White Collar
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May 24, 2024
Biden's Judicial Impact And What's Left On The Wish List
President Joe Biden secured confirmation of his 200th federal judge Wednesday and has transformed the judiciary by picking more women and people of color than any other president. But the upcoming election season could derail his hopes of confirming many more judges.
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May 24, 2024
Exiled Chinese Businessman Is No $1B Fraudster, Jury Told
Exiled Chinese businessman and purported billionaire Guo Wengui ran legitimate companies in support of a broad movement that opposed the Chinese Communist Party, his attorney told a Manhattan federal jury Friday, rather than what prosecutors say was a multifaceted $1 billion fraud.
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May 24, 2024
Weinstein Atty Trying To Chill Retrial Testimony, DA Says
The Manhattan District Attorney's Office has argued that a lawyer for Harvey Weinstein violated ethics rules by publicly accusing one of the movie mogul's alleged rape victims of perjury in an "obvious" attempt to dissuade her from testifying again at an upcoming retrial.
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May 24, 2024
Foley & Lardner Given All-Clear To Exit SEC Suit
A North Carolina federal judge permitted Foley & Lardner LLP on Friday to exit as counsel for a Malta-based registered investment adviser that is defending claims in a $75 million lawsuit brought by the U.S. Securities and Exchange Commission, despite the judge's previous concerns about the firm's withdrawal.
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May 24, 2024
Burn Charity Bookkeeper Did Not Steal Money, Estate Says
The estate of a Connecticut burn care charity's longtime bookkeeper has denied that she stole more than $655,000 before her death in August 2023, pushing back on claims in a state court lawsuit that seeks nearly $2 million in damages.
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May 24, 2024
Fulton DA Appeals Nixing Of Six Counts In Ga. Elections Case
The Fulton County District Attorney's Office said it is appealing a ruling that dismissed six counts from the Georgia election interference indictment of former President Donald Trump and his co-defendants.
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May 24, 2024
McElroy Deutsch Seeks Win Against Ex-CFO After Guilty Plea
McElroy Deutsch Mulvaney & Carpenter LLP is urging a New Jersey state court to order its former chief financial officer to pay roughly $1.5 million damages for "unauthorized compensation" he paid himself and force him to disgorge $5.4 million in pay he received from the firm.
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May 24, 2024
Menendez, Kasowitz Firm Spar Over Subpoena To Cooperator
Amid his bribery trial, U.S. Sen. Robert Menendez of New Jersey is urging a Manhattan federal judge to order a government cooperator to turn over communications involving his current counsel at Kasowitz Benson Torres LLP and his former attorneys.
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May 23, 2024
Ex-Autonomy CEO Lynch Takes Stand In 'Surreal' Fraud Trial
Autonomy founder Michael Lynch took the stand Thursday in a criminal trial in California federal court over claims he lied to HP about his software company's financial health before the tech giant paid $11.7 billion for it in 2011, saying the trial has been "surreal" and he didn't set out to defraud HP.
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May 23, 2024
Ex-Bank CEO Cops To Embezzling $47M To Pay Crypto Scam
Heartland Tri-State Bank's former chief executive pled guilty Thursday in Kansas federal court to embezzling $47 million that he wired to cryptocurrency accounts controlled by fraudsters after falling victim to a "pig butchering" scam, which led to the bank's collapse and subsequent shutdown last summer.
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May 23, 2024
SD Governor Now Banned By All Nine Of State's Tribes
The Flandreau Santee Sioux Tribe is asking South Dakota Gov. Kristi Noem to clarify and apologize for her repeated statements that tribal leaders are working with drug cartels after its executive council voted to ban her from their lands, becoming the last of the state's nine tribes to take such action.
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May 23, 2024
Charges Tossed For Army Doc, Wife In Russia Data Leak Case
A Maryland federal judge dismissed all charges against a U.S. Army physician and her wife who were accused of trying to leak military patients' medical information to Russia, finding the government violated the Speedy Trial Act and bungled the defense's request for access to classified information.
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May 23, 2024
FTX Judge Declines To Undo Ch. 11 Digital Claim Estimation
The judge overseeing the Chapter 11 case of cryptocurrency exchange FTX Trading Ltd. on Thursday denied a request to vacate an earlier ruling allowing the debtor to estimate the claims of creditors holding digital assets based on their petition date value, saying the party seeking to undo the order had not provided any new evidence to justify the action.
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May 23, 2024
Mich. Atty Convicted For Arranging Murder Of Jeweler Client
A Michigan attorney was one of two convicted by an Oakland County jury Thursday of first-degree premeditated murder and conspiracy for their role in a plot to kill his client, a well-known jeweler, to gain access to millions of dollars in the jeweler's trust.
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May 23, 2024
Big Banks Hit With Claims Of Turning Man Into 'Money Mule'
A wealthy Texas entrepreneur says Morgan Stanley, Merrill Lynch, Charles Schwab and Deutsche Bank turned him into a "money mule" by using his accounts to launder billions of dollars over multiple decades, alleging a conspiracy also involving his family and a prominent lawyer that cost him millions.
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May 23, 2024
Ex-Physical Therapy Clinics Owner Gets 2 Yrs. In Billing Scam
The former owner of eight physical therapy clinics in the Boston area was sentenced Thursday in Massachusetts federal court to just over two years in prison for a years-long scheme to bill insurance companies for nonexistent treatments, including for himself.
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May 23, 2024
Wiz Khalifa Settles Suit Over Cannabis Venture
Rapper Wiz Khalifa has settled a lawsuit filed by the co-owner of his cannabis enterprise who claimed he was cut out of a $20 million deal to license the artist's name and likeness to promote cannabis products.
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May 23, 2024
Feds Score Discovery Pause In SEC Suit Against CoinDeal
A Michigan federal judge on Thursday granted the federal government's motion to intervene and stay discovery in a U.S. Securities and Exchange Commission suit alleging a group of individuals and businesses duped investors out of more than $45 million through a CoinDeal investment fraud scheme.
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May 23, 2024
Ex-Fund Manager Settles SEC's $264M Offering Fraud Claims
A former private fund manager has agreed to pay $250,000 to resolve U.S. Securities and Exchange Commission claims he violated securities fraud laws by making promises that funds he handled would invest almost $264 million that they did not actually have on hand in issuers, including two special purpose acquisition vehicles.
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May 23, 2024
Archegos Witness Admits Lying To Exec Charged In Collapse
An Archegos manager who pled guilty to fraud and is cooperating with prosecutors conceded to a Manhattan federal jury Thursday that he fostered an effort to mock his former boss and hide information before the hedge fund's $36 billion collapse.
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May 23, 2024
Feds Nab Pair In $2M Sports, Pokémon Trading Card Scam
Two Washington state men were charged Thursday in New York federal court with running a $2 million scheme to defraud buyers of sports and Pokémon trading cards by claiming low- or mid-grade cards were authentic and highly rated.
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May 23, 2024
FirstEnergy Wants 6th Circ. To Shield Bribe-Probe Docs
FirstEnergy Corp. is pursuing the Sixth Circuit's input into its request to shield internal investigative documents from a class of investors and from two of its indicted former executives, saying the documents contain privileged legal advice given in the wake of a $1 billion bribery scandal.
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May 23, 2024
Man Behind NH Primary Deepfake Faces Charges, FCC Fines
The Democratic consultant accused of making robocalls with a cloned voice of President Joe Biden discouraging voters from taking part in the New Hampshire primary faces a state indictment on 13 felony voter suppression charges and $6 million in potential federal fines.
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May 23, 2024
Trump Loses 2 NY Criminal Appeals As Trial Winds Down
Former President Donald Trump on Thursday lost a pair of appellate challenges complaining that both the judge and jury in his ongoing New York criminal hush-money trial are biased, just a few days before closing statements in the historic case.
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May 23, 2024
Longtime EDNY AUSA Joins Bracewell In New York
Bracewell LLP announced that the former chief of the U.S. Attorney's Office for the Eastern District of New York's Long Island district joined the firm's government enforcement and investigations practice as a partner.
Expert Analysis
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Fintech Compliance Does Not Always Equal Bank Compliance
Recent enforcement actions are a reminder for banks working with financial technology providers — whether as partners to extend their reach or as internal resources to support existing operations — that few areas of risk need more frequent attention than Bank Secrecy Act and anti-money laundering compliance, says Christopher Couch at Phelps Dunbar.
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Making The Pitch For A Civil Resolution In A Criminal Case
Even without the depth of visibility into prosecutorial decision making offered by special counsel Robert Hur’s recently released report, defense counsel may be able to make the case for civil resolutions of criminal investigations while minimizing a potential negative response from prosecutors to such an argument, says Bill Athanas at Bradley Arant.
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Business Litigators Have A Source Of Untapped Fulfillment
As increasing numbers of attorneys struggle with stress and mental health issues, business litigators can find protection against burnout by remembering their important role in society — because fulfillment in one’s work isn’t just reserved for public interest lawyers, say Bennett Rawicki and Peter Bigelow at Hilgers Graben.
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Unpacking FinCEN's Proposed Real Estate Transaction Rule
Phil Jelsma and Ulrick Matsunaga at Crosbie Gliner take a close look at the Financial Crimes Enforcement Network's recently proposed rulemaking — which mandates new disclosures for professionals involved in all-cash real estate deals — and discuss best next steps for the broad range of businesses that could be affected.
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5 Ways To Hone Deposition Skills And Improve Results
Excerpt from Practical Guidance
Depositions must never be taken for granted in the preparations needed to win a dispositive motion or a trial, and five best practices, including knowing when to hire a videographer, can significantly improve outcomes, says James Argionis at Cozen O'Connor.
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Series
Skiing Makes Me A Better Lawyer
A lifetime of skiing has helped me develop important professional skills, and taught me that embracing challenges with a spirit of adventure can allow lawyers to push boundaries, expand their capabilities and ultimately excel in their careers, says Andrea Przybysz at Tucker Ellis.
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Practical Steps For Navigating New Sanctions On Russia
After the latest round of U.S. sanctions against Russia – the largest to date since the Ukraine war began – companies will need to continue to strengthen due diligence and compliance measures to navigate the related complexities, say James Min and Chelsea Ellis at Rimon.
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Justices' Trump Ballot Ruling: Purposivism In Textualist Garb
The U.S. Supreme Court’s Trump v. Anderson decision earlier this week, allowing former President Donald Trump to remain on state primary ballots, alleviates uncertainty and minimizes the potential for abuse in future cases, but is difficult to square with the court’s own account of its textualist interpretive methods, says Will Havemann at Hogan Lovells.
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Opinion
UK Whistleblowers Flock To The US For Good Reason
The U.K. Serious Fraud Office director recently brought renewed attention to the differences between the U.K. and U.S. whistleblower regimes — differences that may make reporting to U.S. agencies a better and safer option for U.K. whistleblowers, and show why U.K. whistleblower laws need to be improved, say Benjamin Calitri and Kate Reeves at Kohn Kohn.
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Think Like A Lawyer: Forget Everything You Know About IRAC
The mode of legal reasoning most students learn in law school, often called “Issue, Rule, Application, Conclusion,” or IRAC, erroneously frames analysis as a separate, discrete step, resulting in disorganized briefs and untold obfuscation — but the fix is pretty simple, says Luke Andrews at Poole Huffman.
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Zero-Point Offender Eligibility May Hinge On Meaning Of 'And'
Some white collar defendants’ eligibility for the new zero-point offender sentencing adjustment comes down to whether the word “and” really means “and” — a question the U.S. Supreme Court is set to resolve in its upcoming Pulsifer v. U.S. decision, which could affect thousands of incarcerated people, say Brandon McCarthy and Nikita Yogeshwarun at Katten.
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Valeant Ruling May Pave Way For Patent-Based FCA Suits
The Ninth Circuit’s recent ruling in Silbersher v. Valeant marks a significant development in False Claims Act jurisprudence, opens new avenues for litigation and potentially raises the stakes for patent applicants who intend to do business with the government, say Joshua Robbins and Rick Taché at Buchalter.
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The Corporate Transparency Act Isn't Dead Yet
After an Alabama federal court's ruling last week rendering the Corporate Transparency Act unconstitutional, changes to the law may ultimately be required, but ongoing compliance is still the best course of action for most, says George Singer at Holland & Hart.
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Complying With Enforcers' Ephemeral Messaging Guidance
Given federal antitrust enforcers’ recently issued guidance on ephemeral messaging applications, organizations must take a proactive approach to preserving short-lived communications — or risk criminal obstruction charges and civil discovery sanctions, say attorneys at Manatt.
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New FinCEN Guide Provides Useful BOI Context For Banks
Financial institutions should review a new Financial Crimes Enforcement Network compliance guide for helpful details about how the agency's beneficial ownership information database should be used, though questions remain about the access rule and whether it will truly streamline bank borrowers' Corporate Transparency Act due diligence, says George Singer at Holland & Hart.