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White Collar
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May 09, 2024
SEC Sues 3 Penny Stock Firms Over Failure To Register
The U.S. Securities and Exchange Commission has filed suit against a Long Island man and his three companies, accusing them of violating registration provisions of federal securities law in connection with a $75 million penny stock scheme.
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May 09, 2024
Oil Trader Sues BakerHostetler, Alleges Fake CIA Program Con
A Swiss-based oil trading company sanctioned last year by the United Kingdom for alleged ties to Russia has sued BakerHostetler in California court, alleging a con man posing as a CIA agent tried to steal control of the company as the law firm vouched for his legitimacy.
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May 09, 2024
7 Fla. Men Indicted In Nationwide Skimming Device Operation
Seven Florida men have been indicted in Virginia federal court on racketeering conspiracy charges in connection to a decadelong operation to clone credit cards that involved placing skimming devices on gas pumps throughout the country, U.S. prosecutors said.
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May 09, 2024
Chinese Tycoon In $500M Debt To Investors To Be Released
A Chinese cinema magnate who owes his investors more than $500 million will no longer be detained on immigration and campaign donor fraud charges, a New York federal court ruled Thursday.
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May 09, 2024
Lawmakers Say Shell, Eni, Nigeria Deals Need Second Look
Two Democratic lawmakers urged the U.S. Department of Justice to reopen a foreign bribery case into an alleged $1.1 billion scheme in Nigeria perpetrated by oil giants Shell and Eni, saying a possible settlement in a related investor-state case could mean more corrupt deals are on the horizon.
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May 09, 2024
Efforts To Enact Savanna's Act Falling Short, Lawmakers Say
Two U.S. senators behind a law aimed at reforming law enforcement protocols to address the crisis of missing and murdered Native American women are pressing the U.S. Department of Justice to step up its efforts to finalize its implementation.
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May 09, 2024
Policies Bar Origis Investor Suit Coverage, Del. Judge Finds
A Delaware Superior Court judge dismissed most insurers from a renewable energy company and its now-former CEO's action seeking coverage for an underlying investor suit over devalued shares, saying Thursday that a "no action" clause in one set of policies and a prior acts exclusion in another preclude coverage.
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May 09, 2024
Musk Fights Latest Subpoena Over $44B Twitter Purchase
Elon Musk's counsel urged a California federal judge on Thursday to undo a magistrate judge's decision requiring the businessman to testify again before the U.S. Securities and Exchange Commission about his $44 billion purchase of the social media platform formerly known as Twitter, calling the subpoena overbroad and unconstitutional.
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May 09, 2024
Biz Owner Admits Hiding $3.4M In Income To Dodge Taxes
A San Francisco Bay Area man has pled guilty to tax evasion in California federal court, admitting he dodged some of the income tax he owed over a four-year period by concealing more than $3.4 million he earned from his businesses.
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May 09, 2024
Judge Halts DEA's Hearing On Proposed Psychedelics Ban
An administrative law judge with the U.S. Drug Enforcement Administration has ordered the agency to cancel a June 10 hearing on its proposal to ban two psychedelic substances while a researcher's federal lawsuit challenging the agency's actions plays out in court, according to an order made public Thursday.
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May 09, 2024
Binance Fined $4.4M By Canadian Regulator
Canada's anti-money laundering watchdog levied a 6 million Canadian dollars ($4.38 million) fine against crypto exchange Binance after the firm allegedly failed to register as a money services business and didn't report thousands of large transactions on its platform.
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May 09, 2024
Ex-Dental Device CEO Cops To $10.7M Investor Fraud
The former CEO of a dental device company pled guilty Thursday to defrauding investors out of $10.7 million with false claims that his company received the U.S. Food and Drug Administration's approval for a device he promised would take the place of X-rays.
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May 09, 2024
9th Circ. Says Judge Defied Order To Revive Opioid Case
The Ninth Circuit on Thursday again revived a nearly 7-year-old case against a California doctor for allegedly selling opioid prescriptions and ordered that the case be reassigned, saying the presiding judge had defied the plain language of a previous order to reinstate the indictment.
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May 09, 2024
Sen. Menendez's 2nd Bribery Trial: All You Need To Know
In the wake of a 2017 mistrial on bribery charges, U.S. Sen. Robert Menendez reaffirmed his dedication to public service and vowed never to stop fighting for the people of New Jersey.
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May 09, 2024
A Senator's Path From NJ Politics To Corruption Charges
U.S. Sen. Robert Menendez, the son of Cuban immigrants who climbed the political ladder from the ranks of a New Jersey school board to ultimately become chairman of the Senate Foreign Relations Committee, is defending his reputation and career against federal corruption charges for the second time in less than a decade.
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May 09, 2024
Plumbing Co. Owner Cops To Tax Scheme Tied To Gold Bars
The co-owner of a Boston plumbing supply company pled guilty Thursday to underreporting his business and personal income, after prosecutors said he plowed some of the unreported receipts into $10 million worth of gold and silver bars.
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May 09, 2024
Ex-Exec Should Get 78 Months For $5M Theft, Gov't Says
Prosecutors on Wednesday asked that a Georgia federal judge sentence a former Facebook and Nike diversity executive who stole more than $5 million from the companies to 78 months in prison and order her to pay $5.1 million in restitution.
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May 09, 2024
Coverage Recap: Day 10 Of Trump's NY Hush Money Trial
Law360 reporters are providing live updates from the Manhattan criminal courthouse as Donald Trump goes on trial for allegedly falsifying business records related to hush money payments to porn star Stormy Daniels ahead of the 2016 election. Here's a recap from day 10.
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May 09, 2024
Mich. AG Charges Pro-Trump Atty With Election Tampering
A Michigan attorney is facing new criminal charges related to efforts to uncover fraud in the 2020 presidential election, as the state's attorney general accused her of handing over nonpublic voter data to an unauthorized person.
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May 09, 2024
Congress Wants Wade To Testify About Fani Willis Romance
A congressional committee on Thursday asked Nathan Wade, a former special prosecutor in the Georgia election interference case, to testify behind closed doors about his romantic relationship with Fulton County District Attorney Fani Willis as part of its investigation into her motives for prosecuting former President Donald Trump and his allies.
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May 09, 2024
Ex-Celtic 'Big Baby' Gets 40 Mos. In Health Fraud Case
Former Boston Celtics forward Glen "Big Baby" Davis was sentenced to 40 months in prison Thursday after being convicted for his role in a scheme to submit fraudulent invoices to an NBA healthcare plan.
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May 09, 2024
Trump SPAC Investor Convicted Of Insider Trading
A Manhattan federal jury on Thursday convicted a Florida investment pro of securities fraud and conspiracy for allegedly exploiting confidential plans to take Donald Trump's media company Truth Social public in a $23 million insider trading case.
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May 09, 2024
Ex-Pharma Exec Asks 1st Circ. To DQ Judge In Contempt Case
U.S. District Judge Mark Wolf cannot be impartial and must be disqualified from presiding over a criminal contempt trial against a former pharmaceutical executive accused of using an alias to flout a civil judgment, the defendant told the First Circuit in a Wednesday filing.
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May 09, 2024
Justices Uphold Civil Forfeiture Standards Amid Abuse Fears
The U.S. Supreme Court ruled Thursday that people whose property is seized during criminal investigations of others aren't entitled to a quicker process to seek its return, even though a majority of justices expressed concerns about the constitutionality of civil forfeiture systems in general.
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May 08, 2024
Committing Bribery Or Fixing 'Chaos': Mogul's Retrial Begins
An insurance mogul and his one-time political consultant resorted to "pure and simple" bribery when they promised North Carolina's insurance commissioner up to $2 million in campaign contributions to remove an inquisitive official, federal prosecutors told a jury Wednesday, while the mogul's counsel countered that he just wanted a fair shake from a department in "chaos."
Expert Analysis
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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.
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How The NY AG Leads Investigations In Civil Securities Fraud
Although investigating white collar fraud can put significant strain on state and local resources, the New York Attorney General's Office has continued to use its expansive statutory authority to take a leading role in bringing civil enforcement actions in highly complex financial matters, say Carrie Cohen and Nathan Reilly at MoFo.
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Series
The Pop Culture Docket: Judge D'Emic On Moby Grape
The 1968 Moby Grape song "Murder in My Heart for the Judge" tells the tale of a fictional defendant treated with scorn by the judge, illustrating how much the legal system has evolved in the past 50 years, largely due to problem-solving courts and the principles of procedural justice, says Kings County Supreme Court Administrative Judge Matthew D'Emic.
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Navigating Asset Tracing Challenges In Bankruptcy
A Virginia court’s recent ruling in Health Diagnostic Laboratory Inc.'s bankruptcy highlights the heightened demand for asset tracing and the strategic use of the lowest intermediate balance rule in recovering funds from commingled accounts, says Daniel Lowenthal at Patterson Belknap.