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White Collar
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March 22, 2024
Success Unlikely For Menendez As Independent, Analyst Says
Although embattled Sen. Robert Menendez, under indictment on federal corruption charges, announced he will not run in New Jersey's Democratic primary but may seek reelection as an independent, the effort is likely to be fruitless, a Garden State political analyst said Friday.
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March 22, 2024
Businessman Indicted Over Hiding Of $20M In Swiss Accounts
A Brazilian-American businessman accused by the government in a criminal complaint of hiding $20 million from the Internal Revenue Service over 35 years by using Swiss bank accounts was indicted by a federal grand jury in Miami and charged with tax evasion, according to a Florida federal court.
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March 22, 2024
Off The Bench: Ohtani Lawyers Up, UFC Settles, ACC Clash
MLB superstar Shohei Ohtani enlists a Hollywood boutique to advise him amid a still-unfolding sports betting scandal, UFC forks over $335 million to settle a wage class action and Clemson's bid to join a new conference spills into court. Catch up with the sports and betting stories that had Law360's readers talking with this week's Off The Bench.
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March 22, 2024
LA Atty Who Repped Rodney King Charged With Tax Evasion
A Los Angeles attorney who represented Rodney King in a civil case against the city of Los Angeles after King was severely beaten by police has been hit with federal tax evasion charges.
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March 22, 2024
Ex-Ga. Insurance Head Cops To Healthcare Kickback Scheme
Former Georgia Insurance Commissioner John Oxendine pled guilty Friday to working with an Atlanta-area doctor to run a multimillion-dollar medical testing kickback scheme just weeks before he was set to face trial in federal court.
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March 22, 2024
Feds, Girardi Agree To Delay Trial More Than 2 Months
Disgraced attorney Tom Girardi's criminal trial could now be pushed back from May to August, after prosecutors and Girardi's defense attorneys filed a mutual request for a few more weeks of preparation in the closely watched case.
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March 22, 2024
Ex-Drug Rep Won't Serve More Time After 1st Circ. Victory
The second sentencing of a former Aegerion Pharmaceuticals Inc. salesman did not add a day in prison to the roughly seven months he served before the First Circuit wiped away his initial conviction on charges he schemed to fraudulently sell the company's cholesterol treatment.
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March 22, 2024
Trump Election Case Gives Young Ga. Judge 'A World Stage'
As Fulton County Superior Court Judge Scott McAfee prepares for perhaps the highest profile case he will ever see, legal experts and former state justices told Law360 that the young jurist has the ethics and temperament to not let the politically charged Donald Trump prosecution derail a promising legal career.
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March 22, 2024
2nd Circ. Revives Case Against Man Held By ICE Despite Bail
The Second Circuit said Friday a Brooklyn federal judge overstepped by tossing a case against a Dominican man who was detained by Immigration and Customs Enforcement after being granted bail in an illegal-reentry case, disagreeing with the judge's finding that the government was merely trying to thwart a court order.
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March 22, 2024
5 Things To Know As SEC Takes Terraform Fraud Case To Trial
The U.S. Securities and Exchange Commission's suit against collapsed cryptocurrency project Terraform and its creator Do Kwon takes center stage next week in U.S. District Judge Jed Rakoff's courtroom in Manhattan, and at its heart is a question of whether the business deceived investors in the lead-up to the collapse that helped set off the so-called crypto winter.
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March 22, 2024
87-Year-Old Billionaire Lewis Seeks No Jail For Insider Trading
Lawyers for British billionaire Joe Lewis have asked a Manhattan federal judge not to impose any prison time after his plea to insider trading, saying a term of probation is appropriate because the 87-year-old is "nearing the end of life in declining health."
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March 21, 2024
SEC's 'Shadow Trading' Trial To Test Insider Info Boundaries
If the U.S. Securities and Exchange Commission can convince jurors hearing its first-ever "shadow trading" case next week to find a former executive in the wrong for buying up a competitor's securities while having insider information about his own company, the floodgates could open to civil and criminal prosecution of other corporate insiders under the novel legal theory, attorneys told Law360.
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March 21, 2024
LA City Official Ran Secret Consulting Firm, RICO Jury Told
Former Los Angeles Deputy Mayor Raymond Chan secretly ran an outside real estate consulting firm for years while still employed at City Hall and covertly worked to help get his client's planned $700 million hotel renovation approved, his former business partner testified Thursday at Chan's federal racketeering trial.
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March 21, 2024
Silvergate Must Face Investor Suit Over FTX Ties, Judge Says
The now-defunct Silvergate Bank and its CEO must face a proposed class action brought by customers of bankrupt cryptocurrency exchange FTX, a California federal judge ruled Wednesday, finding that Silvergate owed a duty to FTX customers and that its conduct harmed them.
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March 21, 2024
Autonomy Jury Hears Of 'Handshake Deal' To Pad Revenue
A onetime Autonomy Corp. customer took the stand Thursday in the California federal criminal trial of former CEO Michael Lynch, describing a "handshake" deal to pay the company $7.5 million with the understanding the funds would be returned — part of an alleged plot to fraudulently inflate Autonomy's revenues.
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March 21, 2024
Ill. Judge Leaves Outcome Health Execs' Convictions Intact
An Illinois federal judge said Thursday that he wouldn't disturb three former Outcome Health executives' convictions for carrying out a massive billion-dollar fraud scheme to grow their health advertising business, saying the jury heard enough evidence to support its verdict.
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March 21, 2024
Trump Misquotes Justices In Immunity Case's Opening Brief
Former President Donald Trump invoked the writings of three sitting U.S. Supreme Court justices in a brief Tuesday to argue that former presidents are absolutely immune from criminal prosecution. Yet the cited opinions and papers actually express the opposite theories from what he claims — a miscue attorneys say could backfire on him.
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March 21, 2024
Chief Of Bogus PE Firm Gets 6 Years For $10M Affinity Fraud
The Colorado-based CEO of a purported investment firm faces nearly six years in prison after pleading guilty to securities fraud in connection with a $10.4 million scheme targeting West Point grads and involving claims he planned to invest in a trio of Italian cycling companies.
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March 21, 2024
$114M Discord Stock Case Tossed Ahead Of Jury Trial
A Texas federal judge has dismissed a 21-count indictment against seven men accused of operating a multimillion-dollar "pump-and-dump" stock scheme over social media platform Discord two weeks before they were set to be tried before a jury, writing that the government's case was unable to survive two recent appellate court decisions that reined in corruption prosecutions.
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March 21, 2024
Invoking Seuss, Judge Says Convicted Ill. Gov. Must 'Go Now!'
An Illinois federal judge threw out former Illinois Gov. Rod Blagojevich's lawsuit Thursday challenging a legislative resolution that bars him from holding the office because of his impeachment and public corruption conviction, deeming his complaint an "Issue-Spotting Wonderland" and urging him to take Dr. Seuss' advice and "please go now!"
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March 21, 2024
Unabomber Prosecutor To Probe FTX's Sullivan & Cromwell Ties
The Delaware bankruptcy court overseeing the Chapter 11 case of FTX Trading Ltd. has approved the appointment of a former federal prosecutor, whose experience includes work on the Unabomber case, to delve into accusations Sullivan & Cromwell is conflicted as debtor's counsel.
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March 21, 2024
Manhattan Pizzeria Owner Indicted On Wage Theft Charges
The owner and a manager of a well-known Manhattan pizzeria were indicted in New York state court Thursday on charges of stealing more than $30,000 in wages from seven employees.
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March 21, 2024
Trump's Mystery Docket: Inside NY's Secretive Filing System
The first criminal indictment of a former American president may have arrived in 21st century New York, but it landed in a court system stuck in the past — where the official record is a disorganized and incomplete mass of paper with no accounting of what's inside.
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March 21, 2024
7th Circ. Won't Let Admitted Fraudster Ditch $1.3M Restitution
A woman who admitted to wire fraud in connection with a three-person scheme to file hundreds of false tax returns owes $1.3 million in restitution to the government, the Seventh Circuit ruled Thursday, rejecting the woman's claim that the amount was miscalculated.
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March 21, 2024
Anadarko Wants Defense Coverage In 2013 La. Kickback Case
Anadarko told a Houston federal court that an environmental remediation company should be required to defend it in a decade-old Louisiana kickback lawsuit that has already made its way through an appeals court twice.
Expert Analysis
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Series
Playing In A Rock Cover Band Makes Me A Better Lawyer
Performing in a classic rock cover band has driven me to hone several skills — including focus, organization and networking — that have benefited my professional development, demonstrating that taking time to follow your muse outside of work can be a boon to your career, says Michael Gambro at Cadwalader.
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Series
The Pop Culture Docket: Judge Espinosa On 'Lincoln Lawyer'
The murder trials in Netflix’s “The Lincoln Lawyer” illustrate the stark contrast between the ethical high ground that fosters and maintains the criminal justice system's integrity, and the ethical abyss that can undermine it, with an important reminder for all legal practitioners, say Judge Adam Espinosa and Andrew Howard at the Colorado 2nd Judicial District Court.
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A Closer Look At Evolving Early Release Programs
As the implementation of the First Step Act continues to progress and the U.S. Sentencing Commission amends its guidelines, white collar defense attorneys should understand the many mechanisms that can help reduce a client’s prison sentence early on in any case, say attorneys at Abell Eskew.
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How Del. 'Arising Out Of' Ruling May Affect Insurance Cases
The Delaware Supreme Court decision in Ace American Insurance v. Guaranteed Rate focused on a professional services exclusion, but the ruling has wide-ranging application in insurance coverage disputes involving any exclusions that employ "arising out of" or similar prefatory language, say Keith McKenna and Maria Brinkmann at Cohen Ziffer.
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Teach Your Witness About 'Good' And 'Bad' Testimony Words
To ensure honest and accurate testimony in trials and depositions, attorneys must take care to educate their witnesses about the problematic words opposing counsel may use, such as “always” and “must,” and the effective words they can use in response, like “potentially” and “depends,” say Steve Wood and Bill Kanasky at Courtroom Sciences.
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New DOJ Roles Underscore National Security Focus
The U.S. Department of Justice’s recent creation of two new leadership positions signals to the private sector that federal law enforcement is pouring resources into corporate investigations to identify potential national security violations, say attorneys at Ballard Spahr.
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What Justices' Cert. Denial Of Terrorism Suit Means For Banks
The U.S. Supreme Court's denial of certiorari in Freeman v. HSBC Holdings lets stand the Second Circuit's decision on the narrow scope of conspiracy liability under the Justice Against Sponsors of Terrorism Act, providing protection for banks that otherwise could have faced liability for finance activities with limited connections to third parties' unlawful acts, say attorneys at Sidley.
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Unearthing The Lesser-Known 'Buried Facts' Doctrine
A New York federal judge’s recent suggestion that the “buried facts” doctrine may be applicable in the fraud trial of FTX cofounder Sam Bankman-Fried should serve as a reminder to attorneys in all kinds of cases involving corporate disclosures that this lesser-known rule could torpedo their defense, say Corban Rhodes and Li Yu at DiCello Levitt.
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Opinion
Newman Suspension Shows Need For Judicial Reform
The recent suspension of U.S. Circuit Judge Pauline Newman following her alleged refusal to participate in a disability inquiry reveals the need for judicial misconduct reforms to ensure that judges step down when they can no longer serve effectively, says Aliza Shatzman at The Legal Accountability Project.
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Taking A Walk Down Mandamus Lane After 2nd Circ. Ruling
The Second Circuit’s recent decision to deny a writ of mandamus, filed by a law firm after a lower court barred it from representing a Salvadoran oil company, adds to the nuanced and sometimes conflicting mandamus case law that requires careful research before litigants seek appellate review, says Michael Soyfer at Quinn Emanuel.
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5th Circ. Ruling Shows Need For Proffer Terms Negotiation
The Fifth Circuit’s recent U.S. v. Shah decision, holding that a defendant breached his proffer agreement, illustrates why defense attorneys should insist on negotiating the terms of such agreements with prosecutors to protect their clients at trial, say attorneys at Haynes Boone.
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EPA Report A Reminder That Fuel Credits Are 'Buyer Beware'
A recent report from the U.S. Environmental Protection Agency's Office of Inspector General is a reminder that fraud risk in the renewable fuel identification number market remains, and that purchasers are ultimately responsible for ensuring the validity of credits they buy, say David McIndoe and Nick Hillman at Eversheds Sutherland.
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DeFi Enforcement Is Growing, Despite CFTC Dissonance
The U.S. Commodity Futures Trading Commission’s recently settled actions against operators of three decentralized finance protocols appear to be part of an enhanced enforcement push, though commissioners don’t agree on how to promote constructive regulation, say Michael Philipp and Sarah Riddell at Morgan Lewis.
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Practicing Under DOJ 'Safe Harbor' Policy For M&As
The U.S. Justice Department's recently announced safe harbor policy for mergers and acquisitions offers greater specificity and predictability for acquiring companies that need time to self-report violations, but it's important to remember that the new window is not endless, say attorneys at Simpson Thacher.
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Considerations And Calculations For DOJ Clawback Program
The U.S. Department of Justice’s clawback pilot program announced earlier this year presents numerous questions for businesses, and both hypothetical and recent real-world examples capture how companies’ cost-benefit analyses about whether to claw back compensation in exchange for penalty reductions may differ, say Yogesh Bahl and Jonathan Hecht at Resolution Economics.