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White Collar

  • July 18, 2018

    US Bank Can't Dodge Most Claims In Sham Tribal Bonds Suit

    US Bank NA must face the bulk of a lawsuit from several pension funds alleging that its mistakes cost them $25 million in a sham tribal bond offering, after a South Dakota federal judge ruled that there were questions as to whether the bank acted properly as an indenture trustee.

  • July 18, 2018

    A Chat With Gibson Diversity Chief Zakiyyah Salim-Williams

    In this monthly series, Amanda Brady of Major Lindsey & Africa interviews management from top law firms about navigating an increasingly competitive business environment. Here we feature Zakiyyah Salim-Williams, chief diversity officer at Gibson Dunn & Crutcher LLP.

  • July 18, 2018

    Former Oil Exec Settles With SEC On $11.7M Offering Fraud

    The former president of AmeraTex Energy Inc. has settled with the U.S. Securities and Exchange Commission in a lawsuit alleging he was part of a $11.7 million offering fraud that purported to sell investors stakes in oil operations in Kentucky.

  • July 17, 2018

    Manafort Can't Move Fraud Trial To Roanoke, Judge Rules

    Paul Manafort can’t move his rapidly approaching tax and bank fraud trial from inside the Washington, D.C., Beltway to Roanoke, Virginia, a federal judge ruled Tuesday in a decision that found there was no real media circus or evidence of jury pool bias warranting a venue change.

  • July 17, 2018

    Judge Won't Ax Indictments In KPMG Revolving-Door Racket

    A New York federal judge refused Tuesday to dismiss the wire fraud and conspiracy counts in an indictment against two former members of the Public Company Accounting Oversight Board and three former top KPMG executives, finding the government’s allegations to be sufficient at this time.

  • July 17, 2018

    Ex-Contractor’s Partner Cops To Iraq War Bribery Scheme

    An ex-U.S. military contractor’s former business partner pled guilty Monday in Alabama federal court to playing a part in a yearslong bribery scheme involving Army officials stationed at a U.S. military base in Kuwait during the Iraq War, according to the U.S. Department of Justice.

  • July 17, 2018

    Tippee Cops To Trading On Ex-BofA Consultant's Insider Info

    A Florida man on Tuesday copped to insider-trading charges before a Manhattan federal judge, admitting to taking roughly $2 million of profit on trades tied to tips from former Bank of America technology consultant Daniel Rivas.

  • July 17, 2018

    Ex-Katten Atty Says Prison Unnecessary For Shkreli Fraud

    A former Katten Muchin Rosenman LLP attorney is seeking to evade prison time after a federal jury in Brooklyn convicted him on conspiracy charges last year, pushing more than 180 letters on the court Monday as a testament of his character and arguing that the losses suffered and his role in the conspiracy were minor.

  • July 17, 2018

    Construction Execs Accused Of Lying To Get State Contracts

    Two New York men allegedly stole the identities of two minority-owned businesses to fraudulently secure millions of dollars worth of public construction projects, shorted their own employees more than $400,000 and defrauded an insurance company, the state’s attorney general said in a press release Tuesday.

  • July 17, 2018

    Late Mistrial Bars Retrial, Former Corporate Advisers Argue

    A trio of former corporate executives at the proxy solicitation firm Georgeson LLC charged with bribing a shareholder representative for voting data told a Massachusetts federal judge Tuesday that double jeopardy prevents them from being tried again after the government refused to finish their first trial with a shorthanded jury the day before closing arguments.

  • July 17, 2018

    Asset Manager Bilked 'Hedge Fund' Fraud Victims, Feds Say

    Federal authorities claim a Miami-based asset manager defrauded two of his clients out of more than $1 million by first concealing that their money was misappropriated by hedge fund operator and convicted fraudster Nicholas Mitsakos, and then saying after Mitsakos’ arrest that their investment had been lost completely.

  • July 17, 2018

    Ex-Drug Exec Gets 15 Years For $50M Pill Distribution Plot

    The former president of a pharmaceutical distribution company has received 15 years in federal prison for his part in a $50 million mail fraud scheme that saw his company purchasing drugs from unlicensed suppliers and reselling them out of a warehouse in Nashville.

  • July 17, 2018

    Seabrook Bribe Case Pared, But Gov't Gets Win On Evidence

    A Manhattan federal judge cut the hedge fund bribery case against Norman Seabrook down to its original size Tuesday, calling a new fraud count "multiplicitous," but also held that prosecutors can try to convince a jury that the labor boss' alleged lawbreaking was tied to his former union's investment losses.

  • July 17, 2018

    Investors Say JPMorgan Knew About Alleged Ponzi Scheme

    A group of Chinese investors compared U.K. fraudster Renwick Haddow to Bernie Madoff on Monday in an effort to keep their suit against JPMorgan Chase & Co. alive, telling a New York federal judge that given Haddow's notoriety, the bank wasn’t clueless about his operation of an alleged multimillion-dollar Ponzi scheme out of its accounts.

  • July 17, 2018

    Chinese Trader Facing SEC Fraud Case Criminally Charged

    Federal prosecutors in Manhattan accused a Chinese trader on Tuesday of raking in $5 million through insider trading, saying he was tipped by a former private-equity colleague to buy shares of Lattice Semiconductor Corp. in the lead-up to an acquisition announcement.

  • July 17, 2018

    Ex-NY Senate Boss, Son Again Convicted On Graft Charges

    Former New York State Senate Majority Leader Dean Skelos and his son Adam were again convicted of corruption charges on Tuesday following a second trial over claims the once powerful Republican extorted businesses into directing payments to his family.

  • July 17, 2018

    RICO Indictment Against Ex-Insys Execs Perplexes Judge

    A Massachusetts federal judge on Tuesday appeared befuddled by the government's Racketeer Influenced and Corrupt Organizations Act indictment charging former Insys Therapeutics Inc. executives with multiple schemes to bribe doctors to prescribe the company's pricey fentanyl spray, saying the allegations are confusing and fail to establish a common link in the alleged conspiracy.

  • July 17, 2018

    5th Circ. Upholds Sentence In Scheme To Swindle NBA Player

    The Fifth Circuit has affirmed the four-year sentence given to an investment counselor convicted of defrauding NBA player Tim Duncan out of $13.5 million, ruling that the trial court was correct in calculating the amount of loss while determining the severity of his sentence.

  • July 16, 2018

    Ex-Jawbone Workers Deny Swiping Trade Secrets For Fitbit

    Six former employees of Jawbone pled not guilty Monday in California federal court to allegations they stole trade secrets from the now-defunct fitness device maker intending to take them to rival Fitbit Inc., criminal charges that carry possible sentences of 10 years or more in prison.

  • July 16, 2018

    Accountant Blames $18M Fraud On VC's Ego As Trial Wraps

    An accountant’s counsel urged a California federal jury to clear him of charges claiming he helped a biotech venture capitalist siphon $18 million from an investment fund, arguing as a weekslong trial closed Monday that the fraud was solely caused by the accountant's client, who was “completely consumed with his ego.”

Expert Analysis

  • What Kavanaugh's Writing Tells Us About His Personality

    Matthew Hall

    People with certain personality traits tend to use certain words. A computer analysis of Judge Brett Kavanaugh’s D.C. Circuit opinions reveals that he is highly extraverted, which means that he would be a prominent voice on the U.S. Supreme Court, says Matthew Hall, a professor at the University of Notre Dame.

  • Lorenzo V. SEC: Will High Court Further Curtail Rule 10b-5?

    Roger Cooper

    In Lorenzo v. U.S. Securities and Exchange Commission, the U.S. Supreme Court will consider whether a misstatement claim that does not meet the elements set forth in the court’s 2011 Janus decision can be repackaged and pursued as a fraudulent scheme claim under Rule 10b-5. A number of possible outcomes present themselves, say attorneys with Cleary Gottlieb Steen & Hamilton LLP.

  • Opinion

    3 Pros, 3 Cons Of Litigation Finance

    Ralph Sutton

    An educated guess puts the number of new litigation funders launched in the past 18 months at 30 — an astonishing number, with more to come. Is this a blessing to our legal system or something more akin to tulip mania? Maybe both, says Ralph Sutton, founder and CEO of litigation funding firm Validity Finance LLC.

  • California Decision Distorts Bank Liability Under FIRREA

    Ben Singer

    A California federal judge recently concluded in United States v. Bogucki that any action by a bank employee that incurs potential liability for the bank triggers the Financial Institutions Reform, Recovery, and Enforcement Act. This renders unwieldy the scope of banks’ potential FIRREA exposure, says Ben Singer of O'Melveny & Myers LLP.

  • Modern Communication Brings E-Discovery Challenges

    Thomas Bonk

    As new communications platforms displace email, the legal industry is awkwardly grappling with complex e-discovery questions. Fortunately, this environment provides a very fertile ground of incentives for innovation in both e-discovery technology and service offerings, says Thomas Bonk of Epiq.

  • Opinion

    DOJ Should Encourage The Bid-Rigging Whistleblower

    Robert Connolly

    There are relatively few government contract collusion whistleblowers. The U.S. Department of Justice's Antitrust Division could roll out the whistleblower welcome mat by making a few changes that will not cost the government a nickel. Even if only one new case emerges, the efforts would be worth it, says former federal prosecutor Robert Connolly.

  • Opinion

    It's Not All About The Benjamins, Baby (Lawyer)

    J.B. Heaton

    Notwithstanding the latest salary war among prominent law firms, I urge my middle-aged and older colleagues to help the recent graduates we know focus on the long term. Even if the salary is the same, there is a big difference between an institutional firm and the relatively younger firms matching BigLaw, says J.B. Heaton, a University of Chicago business law fellow and former partner at Bartlit Beck.

  • Series

    Judging A Book: Hood Reviews 'Lawyering From The Inside Out'

    Judge Denise Hood

    Law professor Nathalie Martin's new book, "Lawyering From the Inside Out: Learning Professional Development Through Mindfulness and Emotional Intelligence," can be of value to any lawyer aiming to achieve greater productivity, relieve the stress of the legal profession and focus on goals, says U.S. District Chief Judge Denise Page Hood of the Eastern District of Michigan.

  • Already Caught? The Truth Won't Lower Your IRS Penalties

    Bryan Camp

    In the recent case of Gaskin v. Commissioner, the U.S. Tax Court rejected a "fraudster's" argument that his penalties should be reduced because he had filed an amended return. The case illustrates that telling the IRS the truth after you're caught won't save you from paying penalties — or what what Professor Bryan Camp of Texas Tech School of Law calls "the one return rule."

  • Challenging SEC Authority To Enforce The Bank Secrecy Act

    Bob Loeb

    In the past few years, the U.S. Securities and Exchange Commission has become increasingly active in bringing enforcement actions based on broker-dealers' alleged failures to comply with the Bank Secrecy Act. But the SEC's authority to bring BSA actions has never been established — and is currently being challenged in SEC v. Alpine Securities, say attorneys with Orrick Herrington & Sutcliffe LLP.