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White Collar
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March 26, 2024
Indicted Exec Wants Suit Tossed For Prosecutors' Misconduct
A former healthcare CEO indicted on novel insider trading charges is trying once again to have the case tossed from California federal court, this time accusing prosecutors of improperly contacting a represented party in a separate but related civil case, weeks after a previous attempt to duck the charges failed.
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March 26, 2024
FTX Says Millions In Ch. 11 Token Claims Should Be Zeroed
Cryptocurrency exchange FTX Trading Ltd. argued in court Tuesday that a Delaware bankruptcy judge should estimate the claims of customers holding some digital tokens at a heavy discount for Chapter 11 purposes, including zeroing out hundreds of millions of dollars in token value.
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March 26, 2024
Terraform Backer Tells Jury His Firm Lost Big On $36M Stake
A Boston venture capitalist told the Manhattan federal jury hearing fraud claims against Terraform Labs and its creator Do Kwon on Tuesday that his former company confidently invested $35.9 million in the crypto startup based on representations that regulators say were false.
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March 26, 2024
Texas AG Scores 'Huge Victory' With Securities Fraud Deal
A deal announced Tuesday that ended Texas Attorney General Ken Paxton's nearly decadelong securities fraud case is a significant win for the chief legal officer, who avoided a potentially messy trial in a case that experts told Law360 might have been weaker than prosecutors had hoped.
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March 26, 2024
Insurance Mogul's Ex-Political Consultant Wants Own Retrial
A former political consultant charged alongside embattled insurance mogul Greg Lindberg wants their criminal retrial on wire fraud and bribery charges severed, telling a federal court that Lindberg's potential plan to throw him under the bus will destroy any defenses against the government's accusations.
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March 26, 2024
Ohio Health Staffing Co. Settles Visa Fraud Probe For $9.25M
An Ohio healthcare staffing company has agreed to pay a $9.25 million penalty to resolve criminal and civil investigations that the U.S. Department of Justice was conducting into its visa sponsorship program over what the firm's chief executive officer called "problematic conduct in our visa process."
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March 26, 2024
Geico Alleges $5.6M Billing Scam Targeted NY Insurance Cos.
The insurance giant Geico has sued a New Jersey man and three medical imaging companies in New York federal court, accusing them of a $5.6 million scheme to submit fraudulent bills for unnecessary or otherwise useless tests on auto accident victims.
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March 26, 2024
SEC Says Ripple's 'Egregiousness' Warrants $2B Sanction
The U.S. Securities and Exchange Commission has told a New York federal court that blockchain firm Ripple Labs Inc. ramped up sales of its XRP token after the agency launched its enforcement action and engaged in a "public relations campaign to deflect blame from its conduct," warranting nearly $2 billion in sanctions.
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March 26, 2024
Feds Move To Seize Ex-Mongolia PM's NY Apts. Tied To Graft
Brooklyn federal prosecutors say a former prime minister of Mongolia used the proceeds of a corruption scheme to purchase two luxury Manhattan apartments for a combined $14 million, according to a suit seeking to seize the properties.
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March 26, 2024
SEC To Settle Fraud Suit With CEO Of North Carolina CBD Co.
The U.S. Securities and Exchange Commission and the North Carolina CBD company CEO it accused of self-dealing and defrauding investors in a fund he ran has asked a federal judge to pause the government's case, telling the court they have reached a settlement.
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March 26, 2024
NC Software Execs Ask To Raze Payroll Tax Fraud Conviction
Two former software executives found guilty of failing to pay hundreds of thousands of dollars in employment taxes have sought to wipe out their conviction based on what they allege was insufficient evidence presented by the government at trial.
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March 26, 2024
Trump Hit With Gag Order In NY Criminal Trial After Threats
The New York judge overseeing Donald Trump's hush money case on Tuesday imposed a limited gag order on the former president, barring him from speaking publicly about jurors or witnesses and limiting what he can say about any attorneys in the case, prosecutors, court staff or their families.
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March 26, 2024
Men Let Off $114M Fraud Fight Feds Dismissal Pause
A group of men who a Texas judge recently let off federal criminal charges of illegally manipulating stock prices has urged the court to reject prosecutors' attempt to pause dismissal of the case, arguing there is no justification for the move.
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March 26, 2024
Girardi Fraud Trial Moved To Aug. 6
A California federal judge has agreed to postpone disgraced California plaintiffs attorney Tom Girardi's trial to Aug. 6, setting the proceedings to begin 16 months later than originally required at the outset of the case.
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March 26, 2024
Menendez Says Corruption Case Still Wrongly Placed In NY
U.S. Sen. Robert Menendez has told a Manhattan federal judge that prosecutors' latest iteration of his corruption indictment doesn't resolve legal deficiencies that plagued previous ones, including a flimsy connection to the Southern District of New York.
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March 26, 2024
NY Lawyer Disbarred As Result Of $1.2M Theft Conviction
A New York appeals court on Tuesday disbarred former Gordon & Silber partner Arthur Cohen, who was sentenced to prison in October for siphoning about $1.2 million from the now-defunct law firm.
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March 26, 2024
Ex-DOJ Official Clark's Atty Discipline Hearing Begins In DC
D.C. Bar authorities told a Washington, D.C., ethics panel on Tuesday that former U.S. Department of Justice official Jeffrey Clark attempted to leverage the DOJ to overturn the 2020 presidential election based on a lie, while Clark's attorney denounced the ethics charges against his client as "absurd."
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March 26, 2024
Arista Networks Founder To Pay SEC $1M Insider Trading Fine
The billionaire founder of technology company Arista Networks Inc. will pay a nearly $1 million fine to settle the U.S. Securities and Exchange Commission's allegations that he engaged in insider trading regarding an impending acquisition, the agency announced Tuesday.
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March 26, 2024
Ex-Veterans Home Leaders Resolve Landmark COVID-19 Case
The former leaders of a Massachusetts veterans facility charged in the first pandemic-related criminal neglect case against a nursing home operator resolved the charges Tuesday with separate statements of admission, acknowledging they could be found guilty if they stood trial.
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March 26, 2024
Wells Fargo Denies Liability Over Texas Atty's Fraud Scheme
Arguing a San Antonio lawyer's widespread fraud scheme predated his relationship with the bank, Wells Fargo has asked a Texas federal judge to trim a suit launched by the attorney's former clients, who accused the bank of enabling the scheme that landed the attorney behind bars for 50 years.
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March 26, 2024
Crypto Co. KuCoin, Execs Charged With Enabling Laundering
Manhattan federal prosecutors unveiled an indictment Tuesday charging foreign cryptocurrency exchange KuCoin and its two China-based founders with failing to implement anti-money laundering protocols and allowing more than $5 billion worth of criminal funds to flow through its trading platform.
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March 26, 2024
Paxton Cuts Deal To End Decadelong Securities Fraud Case
Texas Attorney General Ken Paxton has cut a deal with state prosecutors to end a securities fraud case against him that has stretched nearly a decade, attorneys told a Houston court Tuesday.
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March 26, 2024
Assange Wins Lifeline In Fight Against US Extradition
Julian Assange won a lifeline on Tuesday, prolonging his fight against extradition to the U.S., after an English court delayed ruling on his case to await assurances from American authorities about his safety.
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March 25, 2024
SEC Kicks Off 'Shadow Trading' Case Against Drug Exec
The U.S. Securities and Exchange Commission said at the start of a California federal "shadow trading" trial that a former Medivation executive made $120,000 by buying stock in a rival after learning his company would be acquired by Pfizer, while the defense said he didn't believe the trades violated securities law.
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March 25, 2024
In High Court Sentencing Case, It's Everyone V. Gibson Dunn
As the U.S. Supreme Court scrutinizes severe sentencing of repeat offenders, one view is backed by the Biden administration, defense bar groups, incarceration reformers and a household name among appellate advocates. And then there's the view backed by a few lawyers at Gibson Dunn & Crutcher LLP.
Expert Analysis
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Planning Compliance For Updated FinCEN Reporting Rules
Although the Financial Crimes Enforcement Network's reporting deadline for beneficial ownership information may seem far off, companies should act now to determine which corporate entities must report and what information must be collected, given the potential time, resources and legal questions involved, say attorneys at Crowell & Moring.
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5 Ways To Leverage Recent DOJ 'Safe Harbor' M&A Policy
Companies can take a series of practical steps both before and after closing to gain maximum advantage from the recently announced U.S. Department of Justice merger and acquisition safe harbor policy and minimize enforcement risk, say Jonny Frank and Jeremy Hirsch at StoneTurn.
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To Comply With Campaign Finance Rules, Watch The Calendar
Corporations, campaigns and community advocates alike can all stay on the right side of federal campaign finance law during the 2024 election season by committing to observe the many overlapping dates and compliance windows that limit third-party coordination with candidates and electioneering communications, say attorneys at Wiley.
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Bank's Penalties Highlight Key AML Compliance Expectations
Recently, Shinhan Bank America faced coordinated enforcement actions from federal and state financial agencies for ongoing, unremedied anti-money laundering compliance failures, revealing current areas of regulatory oversight and focus, including expectations that AML compliance data systems provide a 360-degree view of customers, say attorneys at Jenner & Block.
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Pro Bono Work Is Powerful Self-Help For Attorneys
Oct. 22-28 is Pro Bono Week, serving as a useful reminder that offering free legal help to the public can help attorneys expand their legal toolbox, forge community relationships and create human connections, despite the challenges of this kind of work, says Orlando Lopez at Culhane Meadows.
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Avoiding Bribery, Corruption And Sanctions Risks In Int'l M&A
Given the evolving merger and acquisition landscape — as evidenced by the Justice Department’s recently announced safe harbor policy — acquirers conducting international transactions must build bribery, anti-corruption and sanctions risk considerations squarely into their due diligence processes, say Brian Markley and Jennifer Potts at Cahill Gordon.
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Reconstruction-Era Laws Show Jan. 6 Cases Are Not Political
The renewed use of Reconstruction-era laws in indictments stemming from the Jan. 6 insurrection demonstrates that these statutes serve as a bulwark against erosion of the federal system, and provides a counterpoint to the public accusations that certain prosecutions are politically motivated, say Solomon Shinerock and Annika Conrad at Lewis Baach.
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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.