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White Collar
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May 09, 2024
Musk Fights Latest Subpoena Over $44B Twitter Purchase
Elon Musk's counsel urged a California federal judge on Thursday to undo a magistrate judge's decision requiring the businessman to testify again before the U.S. Securities and Exchange Commission about his $44 billion purchase of the social media platform formerly known as Twitter, calling the subpoena overbroad and unconstitutional.
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May 09, 2024
Biz Owner Admits Hiding $3.4M In Income To Dodge Taxes
A San Francisco Bay Area man has pled guilty to tax evasion in California federal court, admitting he dodged some of the income tax he owed over a four-year period by concealing more than $3.4 million he earned from his businesses.
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May 09, 2024
Judge Halts DEA's Hearing On Proposed Psychedelics Ban
An administrative law judge with the U.S. Drug Enforcement Administration has ordered the agency to cancel a June 10 hearing on its proposal to ban two psychedelic substances while a researcher's federal lawsuit challenging the agency's actions plays out in court, according to an order made public Thursday.
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May 09, 2024
Binance Fined $4.4M By Canadian Regulator
Canada's anti-money laundering watchdog levied a 6 million Canadian dollars ($4.38 million) fine against crypto exchange Binance after the firm allegedly failed to register as a money services business and didn't report thousands of large transactions on its platform.
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May 09, 2024
Ex-Dental Device CEO Cops To $10.7M Investor Fraud
The former CEO of a dental device company pled guilty Thursday to defrauding investors out of $10.7 million with false claims that his company received the U.S. Food and Drug Administration's approval for a device he promised would take the place of X-rays.
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May 09, 2024
9th Circ. Says Judge Defied Order To Revive Opioid Case
The Ninth Circuit on Thursday again revived a nearly 7-year-old case against a California doctor for allegedly selling opioid prescriptions and ordered that the case be reassigned, saying the presiding judge had defied the plain language of a previous order to reinstate the indictment.
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May 09, 2024
Sen. Menendez's 2nd Bribery Trial: All You Need To Know
In the wake of a 2017 mistrial on bribery charges, U.S. Sen. Robert Menendez reaffirmed his dedication to public service and vowed never to stop fighting for the people of New Jersey.
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May 09, 2024
A Senator's Path From NJ Politics To Corruption Charges
U.S. Sen. Robert Menendez, the son of Cuban immigrants who climbed the political ladder from the ranks of a New Jersey school board to ultimately become chairman of the Senate Foreign Relations Committee, is defending his reputation and career against federal corruption charges for the second time in less than a decade.
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May 09, 2024
Plumbing Co. Owner Cops To Tax Scheme Tied To Gold Bars
The co-owner of a Boston plumbing supply company pled guilty Thursday to underreporting his business and personal income, after prosecutors said he plowed some of the unreported receipts into $10 million worth of gold and silver bars.
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May 09, 2024
Ex-Exec Should Get 78 Months For $5M Theft, Gov't Says
Prosecutors on Wednesday asked that a Georgia federal judge sentence a former Facebook and Nike diversity executive who stole more than $5 million from the companies to 78 months in prison and order her to pay $5.1 million in restitution.
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May 09, 2024
Coverage Recap: Day 10 Of Trump's NY Hush Money Trial
Law360 reporters are providing live updates from the Manhattan criminal courthouse as Donald Trump goes on trial for allegedly falsifying business records related to hush money payments to porn star Stormy Daniels ahead of the 2016 election. Here's a recap from day 10.
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May 09, 2024
Mich. AG Charges Pro-Trump Atty With Election Tampering
A Michigan attorney is facing new criminal charges related to efforts to uncover fraud in the 2020 presidential election, as the state's attorney general accused her of handing over nonpublic voter data to an unauthorized person.
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May 09, 2024
Congress Wants Wade To Testify About Fani Willis Romance
A congressional committee on Thursday asked Nathan Wade, a former special prosecutor in the Georgia election interference case, to testify behind closed doors about his romantic relationship with Fulton County District Attorney Fani Willis as part of its investigation into her motives for prosecuting former President Donald Trump and his allies.
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May 09, 2024
Ex-Celtic 'Big Baby' Gets 40 Mos. In Health Fraud Case
Former Boston Celtics forward Glen "Big Baby" Davis was sentenced to 40 months in prison Thursday after being convicted for his role in a scheme to submit fraudulent invoices to an NBA healthcare plan.
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May 09, 2024
Trump SPAC Investor Convicted Of Insider Trading
A Manhattan federal jury on Thursday convicted a Florida investment pro of securities fraud and conspiracy for allegedly exploiting confidential plans to take Donald Trump's media company Truth Social public in a $23 million insider trading case.
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May 09, 2024
Ex-Pharma Exec Asks 1st Circ. To DQ Judge In Contempt Case
U.S. District Judge Mark Wolf cannot be impartial and must be disqualified from presiding over a criminal contempt trial against a former pharmaceutical executive accused of using an alias to flout a civil judgment, the defendant told the First Circuit in a Wednesday filing.
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May 09, 2024
Justices Uphold Civil Forfeiture Standards Amid Abuse Fears
The U.S. Supreme Court ruled Thursday that people whose property is seized during criminal investigations of others aren't entitled to a quicker process to seek its return, even though a majority of justices expressed concerns about the constitutionality of civil forfeiture systems in general.
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May 08, 2024
Committing Bribery Or Fixing 'Chaos': Mogul's Retrial Begins
An insurance mogul and his one-time political consultant resorted to "pure and simple" bribery when they promised North Carolina's insurance commissioner up to $2 million in campaign contributions to remove an inquisitive official, federal prosecutors told a jury Wednesday, while the mogul's counsel countered that he just wanted a fair shake from a department in "chaos."
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May 08, 2024
Quinn Emanuel Atty Says Asset Freeze Hurt Outcome Defense
The U.S. government's overreach in restraining millions more than it could reasonably trace back to a $1 billion fraud by Outcome Health prevented the company's former CEO from hiring Quinn Emanuel Urquhart & Sullivan LLP attorneys to defend the charges like he originally wanted, an Illinois federal judge heard Wednesday.
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May 08, 2024
Fuel Truck Exec Cops To Rigging Firefighting Contract Bids
An Idaho fuel truck company executive accused of conspiring with others to manipulate bids for U.S. Forest Service firefighting contracts to suppress other competitors in the market over an eight-year period pled guilty Wednesday in federal court, according to the U.S. Department of Justice.
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May 08, 2024
Feds Charge Two For Killing Witness In Staged Crashes Probe
Federal prosecutors in Louisiana have charged two people for murdering a witness who cooperated with the government's investigation into an alleged insurance scam involving multiple staged car crashes in the New Orleans area.
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May 08, 2024
Colo. Justice Doubts Auto-Reversal In 'Very Rare' Atty Conflict
Colorado's chief justice questioned Wednesday why a man should get to automatically reverse his sexual assault conviction because his lawyer was being simultaneously prosecuted by the same district attorney's office, a situation that the convicted man said is exceedingly rare.
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May 08, 2024
Fla. Defense Contractor Admits To Selling Parts From Turkey
A Florida defense contractor has pled guilty to federal conspiracy charges in connection to a scheme to defraud the U.S. Department of Defense, admitting that she violated export control laws by using a front company to supply critical military components that were manufactured in Turkey.
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May 08, 2024
NY AG Says $6M NRA Verdict Should Stand
A New York state court should not undo a jury's finding that the National Rifle Association allowed its officers to misappropriate $6.4 million of donor money, the state's attorney general has argued, saying trial evidence abundantly laid out evidence of misconduct and organizational failures.
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May 08, 2024
Digitex Founder Pleads Guilty To Bank Secrecy Act Violation
The founder of Digitex Futures Exchange has pled guilty to violating the Bank Secrecy Act by refusing to implement policies designed to prevent money laundering on his cryptocurrency futures platform.
Expert Analysis
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Sentencing Shift Might Not Help Most White Collar Defendants
Many have lauded the new zero-point offender adjustment in the U.S. sentencing guidelines, which may provide a pathway for noncustodial sentences for first-time offenders — but given the types of cases federal prosecutors often pursue, it likely won't offer much relief to white collar defendants, says Saurish Appleby-Bhattacharjee at BCLP.
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2 SEC Orders Illuminate Bribery Risks For US-China Cos.
The U.S. Securities and Exchange Commission’s foreign bribery-related resolutions with 3M and Clear Channel offer important takeaways on compliance risks for companies with operations in China, from the role of traditionally low-risk vendors to gaps in internal accounting controls, say attorneys at Miller & Chevalier.
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Opinion
High Court's Gifts Problem Taints Public Corruption Cases
A history of U.S. Supreme Court justices failing to disclose luxurious gifts from wealthy donors coincides with a troubling line of court precedent overturning jury convictions in public corruption cases, indicating that perhaps justices aren't presently fit to be making these decisions, says Sen. Sheldon Whitehouse, D-R.I.
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The Legal Industry Needs A Cybersecurity Paradigm Shift
As law firms face ever-increasing risks of cyberattacks and ransomware incidents, the legal industry must implement robust cybersecurity measures and privacy-centric practices to preserve attorney-client privilege, safeguard client trust and uphold the profession’s integrity, says Ryan Paterson at Unplugged.
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As Promised, IRS Is Coming For Crypto Tax Evaders
The IRS is fulfilling its promise to crack down on those who have neglected to pay taxes on cryptocurrency earnings, as demonstrated by recently imposed prison sentences, enforcement initiatives and meetings with international counterparts — suggesting a few key takeaways for taxpayer compliance, say attorneys at BakerHostetler.
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5 Reasons Associates Shouldn't Take A Job Just For Money
As a number of BigLaw firms increase salary scales for early-career attorneys, law students and lateral associates considering new job offers should weigh several key factors that may matter more than financial compensation, say Albert Tawil at Lateral Hub and Ruvin Levavi at Power Forward.
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Following Banking Regulators' Breadcrumbs To 2024 Priorities
Through blog posts, speeches, and formal guidance and regulations, prudential and other federal and state financial regulators laid out a road map last year pointing to compliance priorities that should be reflected in financial institutions' planning this year, say Laurel Loomis Rimon and Gina Shabana at Jenner & Block.
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New SDNY Whistleblower Program May Be A Game-Changer
A new pilot program in the U.S. Attorney’s Office for the Southern District of New York promises to immunize from prosecution certain individuals who blow the whistle on financial crimes and corruption, and if similar self-disclosure programs are any indication, this significant new policy may measurably increase white collar investigations, say attorneys at Paul Hastings.
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1869 Case May Pave Off-Ramp For Justices In Trump DQ Fight
In deciding whether former President Donald Trump is disqualified from Colorado's Republican primary ballots, the U.S. Supreme Court could rely on due process principles articulated in a Reconstruction-era case to avert a chaotic or undemocratic outcome, says Gordon Renneisen at Cornerstone Law Group.
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Series
Playing Competitive Tennis Makes Me A Better Lawyer
My experience playing competitive tennis has highlighted why prioritizing exercise and stress relief, maintaining perspective under pressure, and supporting colleagues in pursuit of a common goal are all key aspects of championing a successful legal career, says Madhumita Datta at Lowenstein Sandler.
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A Guide To New Russia Sanctions For Foreign Financial Cos.
Attorneys at Foley Hoag take foreign financial companies on a deep dive into the compliance advice the U.S. Office of Foreign Assets Control issued after President Joe Biden's December executive order widened a Russian import ban and authorized sanctions against businesses that transact with Russia's military-industrial base.
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How Russia Sanctions Bills Could Reshape Asset Forfeiture
Several U.S. legislative proposals to seize billions in frozen Russian assets for post-war reconstruction of Ukraine would bypass traditional asset forfeiture guardrails, making it crucially important that practitioners remain vigilant and understand when to proactively engage with the government, say attorneys at Kasowitz.
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Series
The Pop Culture Docket: Judge Djerassi On Super Bowl 52
Philadelphia Court of Common Pleas Judge Ramy Djerassi discusses how Super Bowl 52, in which the Philadelphia Eagles prevailed over the New England Patriots, provides an apt metaphor for alternative dispute resolution processes in commercial business cases.
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Ex-OpenSea Staffer Case May Clarify When Info Is Property
In considering the appeal of a former OpenSea manager’s wire fraud conviction in U.S. v. Chastain, the Second Circuit may soon provide guidance about whether economic information is traditional property in certain insider trading prosecutions — a theory of fraud that the U.S. Supreme Court has repeatedly narrowed, say attorneys at Debevoise.
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Despite HHS Opinion, Gift Card Giveaways Require Caution
Though the U.S. Department of Health and Human Services' Office of Inspector General recently determined that a healthcare consulting firm's gift card plans do not violate the Anti-Kickback Statute, the opinion does not suggest blanket approval for providing gift cards in exchange for referrals, say Ragini Acharya and Matthew Deutsch at Husch Blackwell.