White CollarRSS

  • December 10, 2010

    Q&A With Paul Weiss' Michele Hirshman

    Especially in the area of corporate investigations, there is a trend to criminally prosecute conduct that doesn't deserve such sanctions. Practices that need reform should be a focus for regulators, but criminal charges are not the right vehicle to obtain systemic change, says Michele Hirshman, a leader in Paul Weiss Rifkind Wharton & Garrison LLP's litigation department.

  • December 10, 2010

    Tri-Star CEO Admits To Kickback Scheme

    The president of Tri-Star Holdings Inc., a purported gold mining company, has pled guilty to charges he offered kickbacks to a pension fund fiduciary for buying millions of shares in the company at inflated prices.

  • December 10, 2010

    Madoff 'Criminal Soul Mate' Hit With $60B Fraud Suit

    Irving Picard, the trustee responsible for trying to collect billions of dollars pilfered in Bernard L. Madoff's massive Ponzi scheme, filed a $60 billion fraud suit Friday against Austrian financier Sonja Kohn, whose Bank Medici AG was implicated in the fraud and taken over by Austrian authorities last year.

  • December 9, 2010

    Feds Subpoena Medtronic Over Neurostimulator Sales

    Federal prosecutors have hit Medtronic Inc. with a subpoena requesting information related to the sales, marketing and reimbursement support practices of its neurostimulation products, a development that follows the launch of a U.S. Department of Justice investigation earlier this year into Medicare claims for the company's defibrillators.

  • December 9, 2010

    Colo. Co. Says SEC To Blame For $19M In Madoff Losses

    A Colorado fine arts company that says it lost more than $19 million in Bernie Madoff's Ponzi scheme has sued the federal government, claiming the money was lost because of "gross negligence" on the part of the U.S. Securities and Exchange Commission.

  • December 9, 2010

    Goldman IP Defendant's Atty Calls US Case Baseless

    A lawyer for a former Goldman Sachs Group Inc. computer programmer accused of stealing high-frequency trading system code told jurors in closing arguments Thursday that the federal government's case “doesn't fly,” reiterating arguments that the defendant merely violated a confidentiality policy.

  • December 9, 2010

    3 Ex-UBS Execs Indicted In Muni Bond Fraud Suit

    Three former executives at UBS AG were indicted Thursday for their alleged participation in fraud schemes and bid-rigging related to contracts in the municipal bond market.

  • December 9, 2010

    Ex-Valspar Chemist Gets 15 Months For Secrets Theft

    A former Valspar Corp. chemist who pled guilty to stealing trade secrets worth as much as $20 million from the Chicago-based paint maker has received a sentence of 15 months in federal prison.

  • December 9, 2010

    Ex-KBR Worker Gets 3 Years In Corruption Case

    A federal judge sentenced a former KBR Inc. supervisor in Afghanistan to more than three years in prison Thursday for taking about $200,000 in subcontractors' so-called illegal gratuities, which a judge characterized as bribes.

  • December 9, 2010

    Feds Fight Ex-Frontier CEO's Bid To Nix Fraud Charges

    The federal government has challenged a move by former Frontier Holdings Inc. CEO Jeffrey Wallace Edwards to have charges that he swindled dozens of investors out of $7.4 million thrown out because of prosecutorial misconduct.

  • December 9, 2010

    2nd Circ. Clarifies RICO Ruling At US' Request

    A federal appeals court panel has clarified that its decision in a Racketeer Influenced and Corrupt Organizations Act suit brought by Norex Petroleum Ltd. applies only to private civil actions under the law and not to criminal RICO actions, a move that comes in response to government concerns that the ruling could have limited its power to apply RICO extraterritorially.

  • December 9, 2010

    Ponzi Schemer Nadel Fights For Right To Appeal

    Admitted Ponzi schemer and former hedge fund manager Arthur G. Nadel, who was slapped with a 14-year prison term in October, has filed a notice in federal court to preserve his opportunity to lodge an appeal.

  • December 9, 2010

    Madoff Trustee Wants $1B From Citigroup, Other Banks

    The trustee working to round up assets for victims of Bernard Madoff has shot off another round of adversary suits in his ongoing litigation spree, this time targeting seven global banks for more than $1 billion in recoveries for their alleged connections to Madoff's massive fraud.

  • December 9, 2010

    Parmalat Founder Gets 18 Years For Fraud

    An Italian court has reportedly convicted Parmalat SpA founder Calisto Tanzi of orchestrating the massive fraud that led to the dairy giant’s bankruptcy, sentencing him to 18 years in prison.

  • December 9, 2010

    Q&A With Orrick's Mark Beck

    Cybercrime, financial fraud cases arising from the financial meltdown above and beyond traditional banking cases, Foreign Corrupt Practices Act cases, and health care fraud investigations featuring more state and federal cooperation should all be areas of increased activity for white collar practitioners in the future, says Mark E. Beck, a leader in Orrick Herrington & Sutcliffe LLP's white collar practice group.

  • December 8, 2010

    Western Titanium Wants US Witness Testimony Excluded

    Western Titanium Inc. is fighting to exclude the U.S. government’s witnesses as the trial over the metal supplier’s alleged military contracting fraud enters its 20th day.

  • December 8, 2010

    EU Pushes Prison For Major Financial Violations

    The European Commission on Wednesday proposed that all member states have a minimum prison sentence for what it called the most serious violations of financial services rules, including insider trading and other market manipulation.

  • December 8, 2010

    Madoff Trustee Seeks $635M From UK Unit, UBS

    The trustee of the now-defunct Bernard L. Madoff Investment Securities LLC and his British counterpart have filed a complaint for $80 million in recoveries from parties connected to Madoff's London operation, as well as complaints against UBS AG for $555 million and a Madoff feeder fund tied to Massachusetts Mutual Life Insurance Co.

  • December 8, 2010

    Marsh Wants Bail Terms Eased In $20M Fraud Case

    Accused swindler Kenneth Marsh is challenging a magistrate judge’s decision to impose additional bail requirements that prevented the head of investment company Gryphon Holdings Inc. from leaving prison and preparing a defense in the $20 million fraud case.

  • December 8, 2010

    US Says Goldman IP Defendant Infringed 'Wheel'

    Federal prosecutors told jurors on Wednesday that a former Goldman Sachs Group Inc. programmer charged with stealing high-frequency trading code, who claims taking the code was nothing more serious than a breach of a confidentiality agreement, previously faced a lawsuit for running Internet game sites that allegedly infringed copyrights for “Wheel of Fortune.”