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White Collar
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May 01, 2024
REvil Hacker Gets 13-Year Term In $700M Ransomware Spree
A Ukrainian national behind the massive Sodinokibi ransomware attacks demanding more than $700 million in payments from several businesses, including multinational IT company Kaseya in 2021, was sentenced to nearly 13 years and seven months in prison Wednesday in Texas federal court, according to the U.S. Department of Justice.
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May 01, 2024
Forex Fraudsters Hid Losses From Investors, Jury Hears
Federal prosecutors told a Colorado jury Wednesday that two men helping run a foreign exchange investment company sold investors on a supposedly successful trading algorithm that ended up being nothing more than a multimillion-dollar fraud.
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May 01, 2024
NY Lawmakers Call For Cop-Shoving Judge's Replacement
New York State Senate Judiciary Committee members said that either the governor or senate should ensure Justice Mark Grisanti is ousted after an ethics panel opted not to remove the Buffalo judge who brawled with neighbors, shoved a cop and invoked his ties to power, among other unethical behavior.
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May 01, 2024
JPMorgan Says It's Paying $100M More In Trade Penalties
JPMorgan Chase & Co. said Wednesday that it expects to pay $100 million to yet another U.S. regulator to resolve alleged deficiencies with its program for monitoring employee and client trading activities, a fine that comes on the heels of an additional $350 million in penalties stemming from its trade surveillance.
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May 01, 2024
Fed. Judge's Handcuffing Of Girl Was Misconduct, Panel Says
The Judicial Council of the Ninth Circuit found Wednesday that a California federal judge engaged in judicial misconduct when he ordered that a crying 13-year-old girl in his courtroom be handcuffed, issuing a reprimand for his actions and ordering that the judge not be assigned new criminal cases for three years.
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May 01, 2024
5 Benefits Appellate Arguments To Watch In May
The Second Circuit will be asked to revive a 401(k) mismanagement suit against Deloitte, the Sixth Circuit will consider whether to force arbitration of a 401(k) fee suit against two automotive companies, and the Seventh Circuit will review the U.S. Department of Labor's court-ordered takeover of a multiemployer benefit fund. Here, Law360 looks at five appellate arguments benefits attorneys will want to keep an eye on this month.
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May 01, 2024
Weinstein On Track For Fall Trial Redo On NY Rape Charges
A New York judge said Wednesday that disgraced movie mogul Harvey Weinstein will be retried sometime after September, following last week's decision by the state's highest court to overturn his rape conviction due to the admission of overly broad evidence at trial.
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May 01, 2024
No Relief For Fla. Adviser Convicted In $80M Trading Scam
The Eleventh Circuit on Wednesday affirmed the conviction of a Florida investment adviser who bilked more than $80 million from the hundreds of people he persuaded to invest in a fraudulent company, after concluding he was not in custody when he made statements to the police.
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May 01, 2024
Ex-Cybersecurity Firm CEO Settles SEC Fraud Claims
A former executive for a cybersecurity firm has agreed to settle regulators' allegations that he lied to investors about the firm's success in selling a new product and that he fabricated aspects of his background and experience, according to filings in Texas federal court.
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May 01, 2024
Senior Living Company Resolves Asylee Hiring Bias Claims
A senior living facility operator has agreed to settle allegations that it unlawfully discriminated against a worker in the U.S. on asylum by demanding that the worker present specific documents to prove that she could work, the U.S. Department of Justice announced Tuesday.
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May 01, 2024
NY Man Charged With $43M Hospitality Ponzi Scheme
A Manhattan resident was charged Wednesday with soliciting $43 million in investments through a Ponzi scheme that peddled false claims about his company's business interests in cryptocurrency, Las Vegas sports stadiums and hospitality.
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May 01, 2024
Metal Biz Owner Cops To Tax Fraud On $2.8M Income
The owner of a metal fabrication company admitted to neglecting to report nearly $3 million in business income to the IRS, Connecticut federal prosecutors announced.
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May 01, 2024
NBA Vet Eyes Bail As Healthcare Rap Passed To 2nd Circ.
A former Detroit Pistons point guard is seeking to delay the start of his 18-month prison sentence for his alleged role in a scheme to defraud the NBA's healthcare plan while he argues to the Second Circuit that improper jury instructions tainted his trial.
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May 01, 2024
In Trump Staredown With NY Judge, 'Somebody Has To Blink'
Experts say Donald Trump will likely continue to ignore warnings from the court, and possibly his own attorneys, as his Manhattan hush money trial resumes Thursday with a fresh set of arguments over the presumptive Republican presidential nominee's out-of-court statements.
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May 01, 2024
Billionaire Energy Co. Founder Sues Booz Allen Over IRS Leak
Energy Transfer co-founder Kelcy Warren accused government contractor Booz Allen Hamilton of failing to supervise an employee who stole Warren's private tax information and that of thousands of other wealthy people while on assignment at the IRS, according to a complaint in Maryland federal court.
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May 01, 2024
Federal Prosecutor Confirmed As Illinois District Judge
The Senate voted 54-44 on Wednesday to confirm Assistant U.S. Attorney Georgia N. Alexakis as a U.S. District Court judge for the Northern District of Illinois.
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May 01, 2024
Ex-FDIC Atty Gets 20-Year Sentence In Child Exploitation Case
A former attorney with the Federal Deposit Insurance Corp. who admitted to participating in online groups aimed at sexually exploiting children has been sentenced to 20 years in prison.
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May 01, 2024
Overtime Theft Scheme Earns Ex-Mass. Trooper 3 Years
The former second-in-command of a Massachusetts state police traffic safety unit was sentenced to three years in prison for his role in a widespread conspiracy to steal federally funded overtime through no-work shifts.
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May 01, 2024
Feds Say Conn. Psychologist's Fraud Was His 'Way Of Life'
A Connecticut psychologist who pled guilty to defrauding his state's Medicaid program of $1.6 million in January should spend three years and one month in prison for a scheme that was "a way of life" rather than a momentary lapse in judgment, the government said in a sentencing memorandum.
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April 30, 2024
SEC Vet Joins NC Firm 'Reinventing' White Collar
The former assistant secretary of the U.S. Securities and Exchange Commission, Christina Zaroulis Milnor, has left government service after more than a decade to launch a Washington, D.C., office for North Carolina-based Cranfill Sumner LLP alongside two firm partners who say they are reinventing traditional white collar work, the firm announced Wednesday.
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April 30, 2024
Epstein Victims Must Disclose Names In FBI Suit, Judge Says
A New York federal judge on Tuesday denied anonymity to 12 survivors of sexual predator Jeffrey Epstein in their lawsuit alleging the FBI ignored numerous tips that Epstein was running a sex trafficking ring, saying the victims failed to support claims they would suffer irreparable harm if their identities were revealed.
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April 30, 2024
Ex-Autonomy VP Says CEO Lynch Told Him To Lie To Investors
A former Autonomy business development executive testified Tuesday that CEO Mike Lynch directed him to lie to a hedge fund investor about prepaid royalty deals that boosted the company's upfront revenue numbers, saying at Lynch's criminal fraud trial that it was hard to say no to the "big boss."
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April 30, 2024
Justices Told Error Admission Merits Respect In Capital Case
Attorneys general from across the country implored the U.S. Supreme Court on Tuesday to give the "utmost" deference to Oklahoma's confession that prosecutorial misconduct led to the wrongful conviction of a death row inmate and to overturn a state court ruling that rebuffed the admission and upheld the conviction.
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April 30, 2024
Chase Can't Escape Medical Services Co.'s Defamation Suit
A Florida federal judge refused Monday to toss a suit by a medical services company accusing JPMorgan Chase Bank NA of destroying its business by adding it to a "blacklist," canceling its transactions and falsely telling its business partners that sanctions typically applied to violators of international laws or human rights statutes caused the cancellations.
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April 30, 2024
'Bitcoin Jesus' Dodged Nearly $50M In Taxes, Feds Say
The U.S. has charged an early bitcoin investor dubbed "Bitcoin Jesus" over allegations that he dodged approximately $48 million in taxes by filing false tax returns and concealing how much of the cryptocurrency he owned, according to an announcement from the U.S. Department of Justice on Tuesday.
Expert Analysis
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How Attorneys Can Be More Efficient This Holiday Season
Attorneys should consider a few key tips to speed up their work during the holidays so they can join the festivities — from streamlining the document review process to creating similar folder structures, says Bennett Rawicki at Hilgers Graben.
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5 Gifts That May Run Afoul Of Government Ethics Rules
As the holiday season ramps up, it’s essential to keep in mind that government officials and employees are all subject to specific gift rules, and related violations can lead to consequences far worse than coal in one’s stocking, say Mark Renaud and Rob Walker at Wiley.
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A Look At FedNow Liability Allocation And A 4th Circ. Toss-Up
Dsu-Wei Yuen and Andrew Lorentz at Davis Wright break down the current legal requirements that are directly applicable to common electronic payment systems like FedNow and Automated Clearing House and how they could be affected by a decision in Studco v. 1st Advantage Credit Union, currently on appeal in the Fourth Circuit.
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The 4 Top Philadelphia Commerce Court Opinions Of 2023
Four 2023 rulings from the Philadelphia County Court of Common Pleas — including decisions on judicial privilege, stay requests, sheriff's sales and the appointment of a receiver — highlight the court's commitment to stringent standards and address evolving challenges in commercial litigation, say Jonathan Hugg and Sarah Boutros at Eckert Seamans.
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A Former Bankruptcy Judge Talks 2023 High Court Rulings
In 2023, the U.S. Supreme Court issued four bankruptcy law opinions — an extraordinary number — and a close look at these cases signals that changes to the U.S. Bankruptcy Code will have to come from Congress, not the courts, says Phillip Shefferly at the University of Michigan Law School.
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3 Defense Takeaways From The Bankman-Fried Trial
FTX founder and former CEO Sam Bankman-Fried’s recent fraud conviction offers several key lessons for future white collar defendants, from the changing nature of cross-examination to the continued risks of taking the stand, say Jonathan Porter and Gregg Sofer at Husch Blackwell.
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Series
Children's Book Writing Makes Me A Better Lawyer
Becoming a children's book author has opened doors to incredible new experiences of which I barely dared to dream, but the process has also changed my life by serving as a reminder that strong writing, networking and public speaking skills are hugely beneficial to a legal career, says Shaunna Bailey at Sheppard Mullin.
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Opinion
What Happens If High Court Rejects Releases In Purdue Ch. 11
Reading the tea leaves following the U.S. Supreme Court's recent arguments in Harrington v. Purdue Pharma, it appears likely that the justices will decide that bankruptcy courts lack the power to release third-party claims against nondebtors, which would result in one of three scenarios, says Gregory Germain at Syracuse University.
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Lessons From DOJ's Wave Of Labor Market Prosecutions
Attorneys at Patterson Belknap consider lessons learned and future meaningful challenges following the U.S. Department of Justice's first six criminal antitrust cases targeting employee no-poach and wage-fixing agreements, in which just one case resulted in a guilty plea.
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DOJ Officials' Remarks Signal New Trends In FARA Activity
Three U.S. Justice Department officials' remarks at a recent forum reinforce the department's renewed focus on aggressively enforcing the Foreign Agents Registration Act, which has been transformed into a significant national security and criminal enforcement tool, and its efforts to tightly regulate the activities of foreign agents in the U.S., say attorneys at Covington.
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3 FinCEN Fraud Alerts To Remember In 2024
With financial fraud now the largest source of illicit proceeds in the U.S., banks should review this year's key Financial Crimes Enforcement Network alerts to ensure their employees know the warning signs of three types of rising scams and understand how to effectively report suspicious activity, says Memrie Fortenberry at Jones Walker.
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How Clients May Use AI To Monitor Attorneys
Excerpt from Practical Guidance
Artificial intelligence tools will increasingly enable clients to monitor and evaluate their counsel’s activities, so attorneys must clearly define the terms of engagement and likewise take advantage of the efficiencies offered by AI, says Ronald Levine at Herrick Feinstein.
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7 Enforcement Predictions For US Export Controls, Sanctions
Federal agencies' assertions of coming increases in export-control and sanctions-violations enforcement are not new, but recent improvements in resources and inter-agency cooperation allow for certain predictions about how the administration’s latest approach to enforcement may be applied going forward, say attorneys at Akin.
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SDNY Ruling Warns Parties To Heed Amended Disclosure Rule
A Manhattan federal court’s recent ruling in U.S. v. Mrabet forewarns both prosecutors and defense counsel that amended expert witness disclosure obligations will be rigorously enforced by judges, and gives some insight into how courts may deal with related constitutional challenges, say John Siffert and Brandon Davis at Lankler Siffert.
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8 Ways To Negotiate Improved Disgorgement Outcomes
The U.S. Securities and Exchange Commission's nearly $3.4 billion collected in disgorgements in 2023 shows that substantial disgorgement claims from regulators and law enforcement are the new norm, but corporations may be able to dramatically reduce what they owe by using eight strategies to argue for reduced net profit calculations, say experts at AlixPartners.