The widow of philanthropist Jeffry Picower has reached a deal with federal prosecutors and the trustee overseeing recovery efforts for victims of Bernard L. Madoff to hand over $7.2 billion in bogus profits from the massive Ponzi scheme.
A federal appeals panel has sided with the court-appointed receiver trying to recover money for victims of Texas financier Robert Allen Stanford's alleged $8 billion Ponzi scheme, finding it was appropriate for a lower court to freeze the assets of 330 of Stanford's former employees.
A federal court has sentenced a former Ohio county auditor to nearly 22 years in prison for accepting bribes in return for county contracts, jobs and other official favors.
A former New Jersey legislator was acquitted of corruption charges on Thursday, becoming the second defendant to walk free from allegations sparked by a wide-ranging federal corruption probe that led to dozens of arrests.
Continental Casualty Co. has urged a federal appeals court to reject disbarred lawyer Melbourne Mills Jr.'s appeal of an order rescinding his policy after he covered up a criminal probe into his actions concerning a $200 million settlement in a class action over diet drug fen-phen.
A federal judge has given Bank of America Corp. until Friday to respond to claims that it did not bother talking to plaintiffs in a sweeping multidistrict litigation when it negotiated a $137.3 million settlement with 20 state attorneys general over allegations of bid-rigging in the municipal bond derivatives market.
The U.S. Department of Justice and the U.S. Securities and Exchange Commission are investigating whether Hewlett-Packard Co. personnel in multiple European countries were involved in kickbacks or other improper payments to state-owned or private entities, the company said in an SEC filing.
A federal judge has postponed ruling on claims against AU Optronics Corp. in the multidistrict litigation alleging a $500 million price-fixing scheme in the thin film transistor liquid crystal display panel market until after a parallel criminal case against the company goes to trial in late 2011.
A senior U.S. Air Force officer has pled guilty to conspiring to defraud the government by steering lucrative government contracts for military services to Global Procurement Inc.
White collar defense attorneys from McDermott Will & Emery LLP and O'Melveny & Myers LLP told a U.S. Senate committee Thursday that bringing an espionage case against WikiLeaks founder Julian Assange would be an unprecedented move, but they disagreed about the government's chances of success.
The U.S. government has added counts of mail and wire fraud to its $140 million investment fraud case against Ross Mandell following the Sky Capital LLC founder's bid to toss the case in light of the U.S. Supreme Court's bar on so-called foreign-cubed securities cases.
The U.S. Department of Justice on Thursday charged former Winston & Strawn LLP partner Jonathan Bristol with laundering over $20 million in connection with his client Kenneth Ira Starr's admitted Ponzi scheme, while the U.S. Securities and Exchange Commission levied similar allegations in an amendment to its civil proceeding against Starr.
Federal prosecutors have clarified their allegations against a former senior executive at clothing retailer Aeropostale Inc. and a New York-based supplier over their alleged involvement in a $350 million kickback scheme that lasted for nearly 10 years.
A federal judge has signed off on nearly $10 million in clawback settlements in the U.S. Securities and Exchange Commission's suit against prison-bound Ponzi schemer James M. Nicholson, who founded Westgate Capital Management LLC before using it to swindle investors out of as much as $140 million.
Former Frontier Holdings Inc. CEO Jeffrey Wallace Edwards has hit back at the federal government over charges that he swindled investors out of $7.4 million, saying that prosecutors violated his right to due process by misusing his civil depositions in the criminal case.
Federal investigators have charged four people with conspiracy and fraud for allegedly selling their employers' inside information under the guise of expert consulting work.
Federal prosecutors are standing by their argument that an executive of drugmaker InterMune Inc. should go to prison for 10 years for fraudulently marketing one of the company's products for a deadly lung disease it was not approved to treat.
The U.S. government has finalized a $203.5 million criminal and civil settlement with Irish drugmaker Elan Corp. PLC over off-label marketing of epilepsy drug Zonegran, as well as revealed an $11 million False Claims Act settlement with the drug's current owner Eisai Co. Ltd.
In too many instances of enforcement, a competition seems to have arisen among federal and state agencies to impose the highest monetary penalties, often devoid of any relationship to the gain or loss from the underlying activity. This development threatens the basic underpinnings of our justice system, says Mark R. Hellerer, head of Pillsbury Winthrop Shaw Pittman LLP's corporate investigations and white collar defense group.
Federal prosecutors unveiled new charges Wednesday against ex-Detroit Mayor Kwame Kilpatrick and four of his associates, alleging that they committed extortion, bribery and fraud in the award of municipal contracts.