The trustee overseeing the Chapter 11 liquidation of Ponzi schemer Scott Rothstein's law firm asked a Florida federal court Friday to halt state court litigation over Gianni Versace's former South Beach mansion, in which Rothstein had invested money.
As banks face increasing pressure from U.S. regulators worried about criminals’ cash flowing through the financial system, they need to ensure their systems are up to the task of flagging suspicious transactions and risky customers. Here, experts share with Law360 five steps banks can take to help avoid potentially hefty fines.
The Third Circuit on Friday refused to overturn the convictions of two former Pennsylvania county commissioners found guilty in a bribery and extortion scheme in June 2011 after ruling that there was nothing improper about jury instructions and cross-examinations during trial.
Two BP PLC supervisors facing criminal charges for their roles in the 2010 Deepwater Horizon explosion and oil spill disaster urged a Louisiana federal judge Thursday to throw out 22 manslaughter counts against them, arguing that the oil rig was a foreign-owned vessel outside of U.S. territory.
Judge Angel Cortinas of Florida's Third District Court of Appeal is leaving the bench this summer to join Gunster Yoakley & Stewart PA's Miami office, where his practice will include white collar defense and receivership work, Judge Cortinas told Law360 on Friday.
A federal judge on Tuesday hit former Optionable Inc. CEO Kevin Cassidy with a $1 million fine for allegedly conspiring with a Bank of Montreal trader to overstate the value of the bank’s natural gas options book in order to conceal millions in losses.
The father of UCLA star and top NBA prospect Shabazz Muhammad pled not guilty Thursday to mortgage fraud charges, one day after Nevada federal prosecutors launched an indictment seeking $2.5 million allegedly bilked from Citibank NA and others.
A Louisiana federal judge on Wednesday ordered Temple-Inland Inc. to pay $3.3 million in criminal penalties and serve two years of probation for contaminating the Pearl River with illegal discharges from its Bogalusa, La., paper mill, killing more than 500,000 fish.
A formal insider trading plea by former KPMG LLP partner Scott London has been delayed until June 17 while his attorney represents former Major League Baseball player Milton Bradley in a domestic abuse trial, according to a Wednesday court filing.
The government’s attempts to hold foreign companies accountable for having compliance programs that are on par with those we see at companies that are headquartered in the U.S. are challenging, says Colleen Conry, co-leader of Ropes & Gray LLP's government enforcement group and a former federal prosecutor.
Defense attorneys involved in high-profile perjury cases against baseball star Roger Clemens and a former Penn State University administrator told Law360 on Thursday they don't believe embattled U.S. Attorney General Eric Holder could be successfully charged with lying about prosecuting journalists.
A former ArthroCare Corp. executive pled not guilty Wednesday to an alleged role in a scheme that defrauded investors of $400 million, a plea that comes just before the start of a trial set to untangle three years' worth of allegations.
A former naval engineer on Thursday pled guilty to his role as the mastermind of a 15-year bribery and kickback scheme involving Navy contracts that allegedly defrauded the federal government of as much as $20 million.
An Israeli military-tech company on Thursday dropped a lawsuit over Credit Suisse Group Inc.'s alleged involvement in a $1 billion criminal fraud run by two of its brokers, saying the financial services firm agreed to pay a settlement.
An investor who lost money in Bernard L. Madoff’s infamous Ponzi scheme has asked the U.S. Supreme Court to revive his suit alleging the U.S. Securities and Exchange Commission wasted its resources on pornography and other distractions while failing to catch the fraud.
Two sales executives at Cleveland Browns owner Jimmy Haslam’s Pilot Flying J Travel Centers pled guilty Wednesday to conspiracy charges in connection with an alleged long-running scheme to defraud customers by cheating them out of agreed-upon discounts.
An Illinois businessman pled guilty Thursday to one count of wire fraud in connection with a kickback scheme allegedly involving two former Cook County officials that prosecutors say was aimed at getting public hospitals to order bandages from the company he represented.
Facing growing pressure from U.S. regulators fearful of criminals using digital currencies to hide their profits, the world's largest Bitcoin exchange on Thursday announced that customers would have to verify their identities before entering into any transactions.
A businessman and the New Jersey biotechnology companies he once ran will pay $11.2 million in restitution and civil penalties to settle state legal action over alleged securities violations, authorities announced Thursday, days after he was indicted for the alleged theft of more than $230,000 in investor funds.
The estate of former Pennsylvania State University football coach Joe Paterno sued the NCAA on Thursday, claiming the athletic organization had no authority to levy sanctions including a $60 million fine against the university following the Jerry Sandusky child molestation scandal.
The U.S. Supreme Court has unanimously ruled against the U.S. Securities and Exchange Commission in Gabelli v. SEC. While this important statute of limitations issue did not require the court to discuss our increasingly prosecutorial administrative state, the mere fact that the issue was openly acknowledged during oral argument is encouraging for future targets of civil administrative prosecution, and ominous for the SEC and other agencies that benefit from a lopsided playing field, says Russell Ryan of King & Spalding LLP.
The New York Times recently reported that a Chinese military unit had hacked more than 140 organizations over the last several years, stealing valuable intellectual property such as technology blueprints, proprietary manufacturing processes, business plans and pricing documents. The revelation raises the possibility of a new wave of U.S. Securities and Exchange Commission enforcement actions, class actions and derivative lawsuits related to cybersecurity, say attorneys with King & Spalding LLP.
China's definition of "state secrets" is notoriously vague, and Chinese authorities have been known to bring prosecutions for violation of the nation's state secrecy laws even when the protected nature of the information is highly questionable. The outcome of a recent securities dispute against Ernst & Young will have important implications on the issue of the extra-jurisdictional effects of these laws, say Nick Cherryman and Katherine Raimondo of Fried Frank Harris Shriver & Jacobson LLP.
On Feb. 20, the government announced charges against two heavyweight domestic honey processing companies and five individuals in connection with a global “honey laundering” sting. This case is double-billed as the largest anti-dumping case in U.S. history and the nation’s largest food-fraud case. But the real story may be what it signals about regulators’ amplified focus on supply chain compliance — and how far they'll go to make their charges stick, say T. Markus Funk and Jean-Jacques Cabou of Perkins Coie LLP.
On Feb. 20, the White House announced a multipronged approach to combating external and internal threats to trade secret theft — an important effort to address a growing economic and national security issue. The strategy recognizes the government’s own limitations and places considerable emphasis on the private sector’s role in protecting trade secrets, say attorneys with Covington & Burling LLP.
In a surprisingly quiet summary order in U.S. v. Fleishman, the Second Circuit recently upheld the conviction of James Fleishman for conspiracy to commit securities fraud and wire fraud based in part on a “trunk line” wiretap. The hurdle in the case was not legal, but logistical, and principally a result of trying to adapt the use of wiretaps — a tool that has predominantly been used in drug trafficking cases — to securities cases, says Michael Rosensaft, a partner with Katten Muchin Rosenman LLP and former federal prosecutor.
In a recent and rare court ruling regarding the Foreign Corrupt Practices Act, the Southern District of New York rejected several defenses commonly used by foreign nationals to lawsuits brought in the United States. If followed by other courts, the U.S. Securities and Exchange Commission v. Elek Straub decision clears the way for increased prosecutions of foreign nationals under the FCPA, say attorneys with Nixon Peabody LLP.
Litigators should consider the trade secret trends from 2012 that promise to shape developments this year, including the increasing federal power being brought to bear on trade secret law, a deepening circuit split over the interpretation of the Computer Fraud and Abuse Act, increasing litigation involving social media, and the necessity of written confidentiality agreements for sophisticated businesses to protect trade secrets, say attorneys with Faegre Baker Daniels LLP.
The recent release of the U.S. Environmental Protection Agency's results of enforcement and compliance statistics for fiscal year 2012 confirms that criminal prosecution remains an important component of the EPA’s enforcement program. Though continued budget constraints and limited resources may put pressure on the agency, companies should still anticipate 2013 to be another steady year for EPA criminal enforcement actions, say attorneys with Alston & Bird LLP.
While most compliance and supply chain professionals by now generally appreciate the California Transparency in Supply Chains Act’s objective and basic mechanics, a visit to the homepage of your favorite manufacturer or retailer is likely to reveal that there continues to be a surprising level of confusion over something exceptionally basic: namely, where the disclosure must be announced, say attorneys with Perkins Coie LLP.