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White Collar
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May 14, 2024
Data Co. Workers Had No Power Over Scam Clients, Jury Told
Lawyers for two former Epsilon Data Management employees told a Colorado federal jury Tuesday they weren't responsible for selling consumer data to phony sweepstakes and other Epsilon clients, arguing they were just following orders from executives who made the deals.
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May 14, 2024
Trump Can't Overturn Gag Order In NY Criminal Trial
A New York state appeals court on Tuesday denied Donald Trump's bid to overturn a gag order intended to stop him from criticizing witnesses and others involved in his ongoing criminal fraud trial.
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May 14, 2024
Tort Report: Mass Tort Settlements Beset By Crooked Claims
Fraud attempts during the settlement claims process for class actions and mass torts highlighted by a new report and an $82 million verdict in a drunk driving crash suit lead Law360's Tort Report, which compiles recent personal injury and medical malpractice news that may have flown under the radar.
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May 14, 2024
Fla. Man Get 13 Mos. For Trading On Goldman Insider Info
A Florida man was sentenced to 13 months in prison after pleading guilty to trading stocks on information provided by a former Goldman Sachs analyst, his attorney said Tuesday.
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May 14, 2024
Billionaire's Pilot Cops To Tax Count, Avoids Insider Trial
A pilot from Virginia accused of profiting from stock tips fed to him by British billionaire Joe Lewis on Tuesday copped to dodging taxes on $500,000 of income from Lewis' company, in a plea deal that avoids an insider trading trial.
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May 14, 2024
Ex-Husch Blackwell, Dykema Atty Pleads Guilty To Tax Evasion
A former Husch Blackwell LLP partner who helped launch Dykema Gossett PLLC's Milwaukee office two years ago has agreed to plead guilty in Wisconsin federal court to willfully evading paying income tax, which could land him in prison for over a year and will force him to pay almost $4 million in restitution to the IRS.
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May 14, 2024
Sullivan & Cromwell Seeks To Ax Claims Of Aiding FTX Fraud
Sullivan & Cromwell LLP wants a Florida federal court to dismiss a proposed class action alleging the firm knew about and helped facilitate the massive fraud by FTX, saying customers of the cryptocurrency exchange platform fail to claim anything beyond a "series of speculative allegations with no factual basis."
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May 14, 2024
Convicted Fraudster Says Exchanges With Atty Are Privileged
A convicted fraudster who had his sentence commuted by then-President Donald Trump — now charged with launching another scam shortly after leaving prison — is embroiled in a fight with New Jersey federal prosecutors over his attempt to assert attorney-client privilege for communications with an Israeli attorney who allegedly participated in the scheme.
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May 14, 2024
Ga. Justices Wary Of Gov't Listening To Atty-Client Calls
The Georgia Supreme Court seemed inclined during oral arguments Tuesday to find that a man convicted of assault had his Sixth Amendment rights violated because a detective and a prosecutor listened to his jailhouse phone calls with his attorney.
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May 14, 2024
Coverage Recap: Day 13 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 ahead of the 2016 election. Here's a recap from Tuesday, day 13 of the trial.
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May 14, 2024
Feds Say Bannon Must Start Prison Term After Losing Appeal
Prosecutors asked a District of Columbia federal judge Tuesday to order Donald Trump ally Steve Bannon to begin his four-month prison sentence for defying a congressional subpoena, now that the D.C. Circuit has rejected his appeal.
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May 13, 2024
Irked Autonomy Judge Vents On HP Fraud Trial's Slow Pace
U.S. District Judge Charles Breyer on Monday blasted lawyers for the government and two former Autonomy Corp. PLC executives in a criminal fraud case over the trial's slow progress, saying he's "annoyed," but also "complicit" because he "did not take more of a controlling posture."
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May 13, 2024
Sens. Slam DOJ's Money Transmitting Biz Interpretation
A pair of U.S. senators say they have "significant concerns" about how the U.S. Department of Justice is interpreting the definition of "money transmission" in two recent criminal actions over crypto mixers, warning that such an interpretation "threatens to criminalize core elements of Bitcoin and other crypto networks."
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May 13, 2024
SEC, FinCEN Propose Money Manager Customer ID Rule
The U.S. Securities and Exchange Commission and the Treasury Department's Financial Crimes Enforcement Network on Monday proposed a rule that would require money managers such as hedge funds and private equity firms to document and maintain customer identification programs.
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May 13, 2024
Kabbage Inks 2 FCA Deals With Feds Totaling $120M
Bankrupt online lender Kabbage Inc. has agreed to pay $120 million in two separate deals to resolve allegations it submitted thousands of false claims for loan forgiveness and operated without adequate fraud controls in place, the U.S. Department of Justice announced Monday.
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May 13, 2024
Jackson, Sotomayor Would Have Taken Up Jury Pool Dispute
U.S. Supreme Court Justices Ketanji Brown Jackson and Sonia Sotomayor dissented Monday from the other justices' refusal to review a case in which a defendant and his counsel were excluded from attending initial juror qualification in his capital murder case, calling the circumstances "significant and certworthy."
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May 13, 2024
NJ Fraudster Gets More Prison Time, Owes $6M For Tax Evasion
A New Jersey man who was convicted of dodging taxes on more than $16 million he stole from securities fraud victims was handed a six-year prison sentence — most of which will be served simultaneously with his fraud sentence — and ordered to pay over $6 million in restitution during a Garden State federal court hearing Monday in which he denied the crimes.
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May 13, 2024
Wall Fraud Conviction Affirmed Despite Juror-Prosecutor Tie
The Second Circuit on Monday affirmed the conviction of a Colorado man found to have siphoned online donations meant to fund a Southern border wall, saying the fact that a federal prosecutor had mentored a juror's daughter didn't warrant vacating the conviction.
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May 13, 2024
Feds Urge 9th Circ. To Allow Ex-MLBer's Reneged Plea At Trial
An assistant U.S. attorney told a Ninth Circuit panel Monday that a jury should hear about a plea agreement former Los Angeles Dodgers star Yasiel Puig signed where he admitted lying to federal investigators about an illegal gambling operation even though he pulled out of the agreement.
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May 13, 2024
50 Cent, GC Accused Of Federal Wiretap Violations
A liquor business consultant has told a New York state court that Curtis "50 Cent" Jackson and the rapper's general counsel violated federal and New Jersey wiretap statutes, after the court dismissed an earlier counterclaim lodged under the Illinois Eavesdropping Act.
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May 13, 2024
Ex-BP Manager Admits Trading On Inside TravelCenters Info
A former BP PLC senior manager has admitted engaging in insider trading over the British oil and gas company's planned $1.3 billion acquisition of TravelCenters of America Inc., according to court records entered Friday.
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May 13, 2024
Bottling Co. Ends $2.7M Suit Against Fake Loan Brokers
A North Carolina bottling company has ended its lawsuit accusing two loan brokers of lying about their connection to a wealthy lender who ended up being a fraudster who took nearly $3 million from a business and its financier.
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May 13, 2024
Binance Says Sullivan & Cromwell, FRA To Serve As Monitors
Crypto exchange Binance said Monday that the federal government has selected a Sullivan & Cromwell LLP partner and a Forensic Risk Alliance founding partner to serve as independent third-party monitors overseeing its compliance with the terms of its $4.3 billion settlement and guilty plea over money laundering, bank fraud and sanctions violations.
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May 13, 2024
Corp. Transparency Act An Overbroad Dragnet, 11th Circ. Told
Congress exceeded its authority in passing the Corporate Transparency Act, which prompted the U.S. Treasury Department to solicit personal information for law enforcement purposes from those that registered and owned state-registered entities, a small-business group told the Eleventh Circuit on Monday.
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May 13, 2024
Kwok Trustee Seeks Expanded Role For BVI Law Firm
The Chapter 11 trustee in Chinese exile Ho Wan Kwok's bankruptcy case has asked a Connecticut judge for permission to hire Harney Westwood and Riegels LP as Cayman Islands counsel, a move that would expand the firm's reach beyond its current status as British Virgin Islands counsel to the estate.
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.