The Second Circuit on Friday refused to reconsider an appeal from Joseph “Chip” Skowron III, a former portfolio manager at a Morgan Stanley-owned hedge fund, against an order to pay the bank $10.2 million for insider trading based on secret drug trial data while on the job.
A former Exxon Mobil Corp. employee pled guilty Friday to federal criminal charges that he helped launch a bogus invoicing scam that cost the oil and gas giant more than $1 million.
A Miami Beach-area executive was sentenced Friday to four years in prison and ordered to pay $3.3 million in restitution for his role in a scheme conning investors in bankrupt manufacturing company InnoVida Holdings LLC out of $40 million.
The cousin of reputed mafia figure Nicodemo Scarfo pled guilty Wednesday in New Jersey federal court to conspiring to fraudulently apply for a mortgage, settling allegations that he participated in a scheme in which Scarfo allegedly drained $12 million from a bankrupt mortgage company.
A day after testimony began in Pennsylvania federal court, a former judge in Philadelphia’s scandal-plagued traffic court judge agreed to plead guilty on fraud charges in connection with a scheme to funnel tens of thousands of dollars in state funds earmarked for two community organizations to friends and associates.
Federal prosecutors on Thursday charged a former Halliburton Co. manager with destroying evidence in the wake of the Deepwater Horizon disaster, which killed 11 people and sent millions of barrels of oil spewing into the Gulf of Mexico, as a Louisiana federal judge accepted Halliburton’s guilty plea for the misconduct.
A Connecticut federal judge on Wednesday approved a $100 million fine as part of a plea agreement between the federal government and UBS Securities Japan, which had pled guilty to secretly manipulating Libor benchmark interest rates.
A Washington state man faces up to five years in prison after he and his company pled guilty in a Florida federal case to conspiring to unlawfully export nearly sophisticated computer equipment from the United States to Iran, the U.S. Department of Justice announced Wednesday.
A Florida federal judge handed down a 150-month sentence Wednesday to Miami businessman Claudio Osorio, who earlier this year pled guilty to conning investors of bankrupt InnoVida Holdings LLC out of $40 million, and ordered him to pay about $20 million in restitution.
The Pennsylvania Superior Court on Wednesday upheld a 4-to-12-year prison sentence and $1 million in restitution handed to a former state legislator found guilty on corruption charges for his role in the so-called Computergate scandal, in which public funds were used to purchase campaign-related technology.
A New York state judge refused to strike affidavits submitted by Bernard Madoff's longtime business associate Frank Avellino in a suit alleging he fraudulently put investors' money into feeder funds for Madoff's Ponzi scheme, saying Tuesday the affidavits don't address the case's relevant issues.
Reutax AG’s insolvency action in Heidelberg, Germany, was recognized Tuesday by Delaware's bankruptcy court as the staffing and recruiting firm's foreign main proceeding, while Reutax's founder faces criminal charges for allegedly embezzling funds to purchase a Beverly Hills mansion and other luxuries.
The Second Circuit on Wednesday threw out a suit by a former Marsh & McLennan Cos. Inc. executive alleging he was defamed in a Slate magazine column written by onetime New York Gov. Eliot Spitzer regarding an investigation into the firm's supposed insurance price-fixing scheme.
The New York State Court of Appeals on Tuesday rejected an appeal by a former NBTY Inc. attorney state and federal authorities called “cocky,” affirming his July suspension from practicing law for three years after a jury found him guilty of insider trading.
A federal grand jury reportedly indicted two former JPMorgan Chase & Co. traders with five criminal counts each on Monday, as news reports indicated the company had agreed to pay regulators more than $800 million to resolve an investigation into the $6 billion "London Whale" losses.
The Second Circuit on Monday tossed a pair of class action suits by European investors alleging JPMorgan Chase & Co., Bank of New York Mellon Corp. and other banks aided the Bernie Madoff Ponzi scheme, ruling the claims did not belong in New York federal court.
Personal injury attorney John M. Ioannou was sentenced Thursday to serve up to seven years in New York state prison for stealing hundreds of thousands of dollars from settlement funds awarded to his clients.
Barry Bonds struck out Friday in his appeal of a conviction for obstructing a federal investigation of steroid use in professional baseball, as the Ninth Circuit ruled that a statement he made in grand jury testimony could be obstructive even if it was factually true.
A former Ryan International Airlines Inc. executive was sentenced Thursday to more than seven years in prison for allegedly accepting more than $520,000 in kickbacks to steer contracts for airline services and fuel to certain suppliers and to sign off on bogus invoices.
New Jersey Assemblyman Albert Coutinho, D-Essex, resigned prior to admitting Thursday to stealing from a charity and filing false disclosure forms with the legislature to hide his theft, confessing on the same day a controversial tax bill he sponsored won final legislative approval.
In U.S. v. Bruno, the Second Circuit recently delivered two weapons to the government to use in fighting double jeopardy arguments. While the surprisingly brief decision does not have precedential effect on its own, there is no doubt that its reasoning will be used by future litigants, say Grayson Yeargin and Anthony Chavez of Nixon Peabody LLP.
From audits to Civil Monetary Penalties Act and False Claims Act liability, the penalties to health care providers for improper charting and billing are significant. Because the federal government is using every tool available to fight health care fraud, providers should immediately begin proactive self-audit to avoid significant fines and harmful consequences, say Thomas Hess and Simi Botic of Dinsmore & Shohl LLP.
Because of the way our brains are hard-wired, opportunities for settlement are often lost — our human tendencies cause us to get in our own way. By recognizing these tendencies, fighting to avoid them and implementing systems that help recognize potential leverage points, litigants can achieve faster, and often better, settlements, says John Watkins of Thompson Hine LLP.
It is highly unusual for the U.S. Securities and Exchange Commission to reject settlements that have been negotiated by the Enforcement Division. In the case of Harbinger Capital, however, it appears the commission did so at least in part because of its determination to require admissions of wrongdoing in certain matters going forward. Consequently, the settlement they ultimately achieved portends a new enforcement climate, say attorneys with Mayer Brown LLP.
The Financial Institutions Reform, Recovery and Enforcement Act was rarely used for civil fraud enforcement. Lately, however, prosecutors have added it to their arsenal by using its provisions to bring fraud claims against major financial institutions and rating agencies — and a recent ruling endorsing this expanding use of the FIRREA will likely embolden the U.S. Department of Justice, say attorneys with King & Spalding LLP.
Deleted digital evidence can have a tremendous impact on the outcome of a trial, and understanding the most common levels of deleted files and the difficulty and cost of retrieving and producing those files is key for litigators. It will empower a requesting party to make specific requests that could be deemed reasonable, and producing parties can use this information to calculate the time and cost involved in their response, says Ken Mendelson of Stroz Friedberg.
The consequences of scorched-earth media coverage of scandals can be devastating. In a marketplace where the 24/7 news cycle and digital media make every business decision a potential landmine and the court-of-public-opinion essentially deems one guilty until proven innocent, a single news story can test or kill a brand in seconds, says Derede McAlpin of the Association of Corporate Counsel.
The IRS has had a rough several months defending allegations that it inappropriately targeted conservative groups seeking nonprofit status, wasted taxpayer money on lavish conferences, and some of its employees used agency credit cards to buy alcohol and pornography. One issue, however, has not gained much traction with the national media — the fact that the IRS may have disclosed as many as 100,000 names, addresses and social security numbers on its website, says Duston Barton of Perkins Coie LLP.
On Aug. 14, 2013, the Serious Fraud Office charged three British nationals with offenses under the U.K Bribery Act 2010. This is the first Bribery Act prosecution brought by the SFO. While it is impossible to discern a pattern from one action, this prosecution may indicate the beginning of active enforcement by the SFO. This interpretation is consistent with the uncompromising, prosecution-led stance favored by the current director of the SFO, David Green, say attorneys with Morrison & Foerster LLP.
Law firms increased their hourly rates an average of close to 10 percent between 2010 and 2012. This trend is an indicator of why corporate legal spending is so high. However, those who take the time to analyze their legal bills can attest that it’s the line items that the law firms are charging for — not the rate — that are creating exorbitant legal fees and causing significant distress, says David Paige of Legal Fee Advisors.