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White Collar
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July 23, 2024
Indonesian National Admits To $23M Ponzi Scheme
An Indonesian national pled guilty in New York federal court on Tuesday to conspiring to defraud a group of investors out of $23 million through a Ponzi scheme, ultimately spending the money on luxury goods and real estate.
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July 23, 2024
2nd Circ. Backs Project Veritas Search Tied To Stolen Diary
The Second Circuit on Tuesday upheld a district court's rejection of claims of journalistic privilege by Project Veritas' founder and two others at the activist group as they sought to shield documents seized under search warrants in connection with the stolen diary of President Joe Biden's daughter Ashley Biden.
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July 23, 2024
Bros. Want New Trial For Concrete Price-Fixing Convictions
Two brothers convicted earlier this month of involvement in a ready-made concrete bid-rigging and price-fixing scheme asked a Georgia federal judge Monday for another shot at trial, arguing that repeated testimony about purported law-breaking tipped the scales in favor of federal prosecutors.
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July 23, 2024
Tax Foreclosure Kickback Suit Too Late, Mich. County Says
A Wayne County, Michigan, treasurer has argued in Michigan federal court that a putative class action accusing the county and other parties of engaging in a tax foreclosure and kickbacks scheme is time-barred.
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July 23, 2024
Feds Urge 6th Circ. To Affirm Pharma Owner's Fraud Sentence
The Sixth Circuit should affirm a district court's fraud convictions, nearly five-year sentence and $7 million restitution order against an Ohio pharmaceutical salesman who underreported his income to reduce his tax liability in a multimillion-dollar scheme involving bogus insurance billings, the federal government said.
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July 23, 2024
SEC Names New Acting Head Of Exams
The U.S. Securities and Exchange Commission has announced that the deputy director of its examinations division will serve as the unit's new acting director, as the previous director takes a leave of absence to focus on his health.
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July 23, 2024
Bannon To Face Border Wall Trial After Release From Prison
Steve Bannon's New York trial on charges that he stole donor money earmarked for a wall along the southern U.S. border will begin on Dec. 9, a month and a half after the former Donald Trump adviser is released from prison on a separate contempt of Congress conviction.
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July 23, 2024
No Victims, No Fraud, Trump Says In $465M Judgment Appeal
Donald Trump has appealed the $465 million judgment against him, arguing that the New York attorney general exceeded her authority in her civil fraud suit against the former president because the statute in question does not apply to victimless transactions.
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July 23, 2024
NY Judge OKs Public Disclosure In Atty Misconduct Cases
A New York federal judge ruled Monday that the First Amendment does allow those who filed grievances against attorneys to access disciplinary hearings before the Appellate Division's Second Judicial Department, records related to those hearings and some of the grievance committee's final dispositions.
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July 23, 2024
Convicted Sen. Menendez Of NJ Resigning Aug. 20
U.S. Sen. Bob Menendez has decided to resign as the U.S. Senate Ethics Committee was moving swiftly to consider whether he should be expelled or censured after his conviction last week on 16 corruption charges.
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July 22, 2024
Actor, Promoter Cop To Forcount Crypto Ponzi Scheme
An actor who purported to be the CEO of Forcount Trader Systems Inc. and another promoter of the fake cryptocurrency outfit on Monday both admitted to defrauding investors out of millions of dollars through a Ponzi-esque pyramid scheme.
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July 22, 2024
Texas Man Cops To Laundering Nearly $8.5M In Scam Hauls
A Texas man has pled guilty to conspiring to launder funds totaling nearly $8.8 million obtained in schemes ranging from romance scams to a phishing attack on a Maryland County treasurer's office, prosecutors announced.
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July 22, 2024
Ex-Lobbyist Asks To Be Severed From Madigan RICO Case
The former Commonwealth Edison lobbyist on track to face a jury alongside former Illinois House Speaker Michael Madigan this fall asked a federal judge Friday to sever his corruption case from Madigan's, saying a joint trial would be unfair because Madigan's lawyers intend to act as "second prosecutors" against him.
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July 22, 2024
CEOs Want To Separate Bribery Trial From Navy Admiral's
A pair of CEOs charged with bribing a retired four-star Navy admiral to potentially secure lucrative government contracts have asked a D.C. federal judge to sever their cases from the retired admiral's bribery trial, arguing that there's a "serious risk" they would be unfairly prejudiced by holding a joint trial.
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July 22, 2024
Judge Limits Girardi Clients' Injury Details In Upcoming Trial
Jurors in former celebrity lawyer Tom Girardi's upcoming fraud trial will be spared detailed testimony about the severe injuries that drove his alleged victims to hire his law firm, a Los Angeles federal judge has ruled, saying the former clients' injuries are a key part of their stories, but graphic details are not necessary.
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July 22, 2024
Former DC Chief Deputy AG Joins Hogan Lovells
A former chief deputy attorney general for the District of Columbia has joined Hogan Lovells as a partner after more than two years at Brownstein Hyatt Farber Schreck LLP, where he helped co-lead its state attorneys general practice group.
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July 22, 2024
Hunter Biden Drops Suit Against Fox News Over 'Mock Trial'
Hunter Biden has dropped a Manhattan federal court lawsuit against Fox News over a six-part "mock trial" the cable network broadcasted that featured a fictional trial on two charges that Biden never actually faced.
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July 22, 2024
Boston Fund Can't Duck SEC's Unregistered Dealer Case
A Massachusetts federal judge on Monday kept alive U.S. Securities and Exchange Commission allegations that Boston investment firm Auctus Fund violated securities laws by failing to register as a broker-dealer when harvesting deeply discounted shares of cash-strapped public companies through debt agreements.
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July 22, 2024
Bus Parts Co. To Pay Up To $4M To End Criminal Fraud Probe
French bus parts supplier CBM will pay up to about $4 million and enter into a non-prosecution agreement with the U.S. government to end an investigation into an alleged scheme to pass off generic parts to U.S. transit authorities as brand-name parts, Manhattan federal prosecutors said Monday.
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July 22, 2024
Ex-Fed. Judge's Misconduct Prompts New Criminal Trial Bid
Alleged misconduct by former Alaska federal Judge Joshua Kindred and a prosecutor he had a relationship with should undo a defendant's recent cyberstalking conviction in the judge's court, that defendant has said.
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July 22, 2024
Catching Up With Delaware's Chancery Court
A $6 million bank fee, a $42.5 million shopping mall deal, some questionable Amazon deliveries and long-ago expired ketchup: it was all part of the comings and goings in Delaware's Court of Chancery last week. New cases involved mining and cybersecurity companies, board takeovers, "weaponized" director election provisions, and legal fees following a $3.1 billion telecom merger. In case you missed it, here's the latest from the Chancery Court.
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July 22, 2024
'Wolf Of Airbnb' Gets 51 Mos. As Judge Sees Lack Of Remorse
A Manhattan federal judge hit the Florida man who styled himself the "Wolf of Airbnb" with over four years in prison Monday, saying the risk is high that he will break the law again after scamming New York City landlords.
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July 22, 2024
SEC Launches Multiagency Fraud Council
The U.S. Securities and Exchange Commission has announced that it is creating the Interagency Securities Council, which will bring together federal, state and local regulatory and law enforcement professionals quarterly to discuss the latest in "scams, trends, frauds, and mitigation strategies."
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July 19, 2024
Santos Can't Duck Charges Ahead Of Trial, Judge Says
A New York federal judge on Friday refused to throw out identity theft and theft of public money charges against former U.S. Rep. George Santos, rejecting his arguments that the charges were too vague to survive.
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July 19, 2024
Kavanaugh Murder-Attempt Suspect Set To Face Trial
A man charged with attempting to kill U.S. Supreme Court Justice Brett Kavanaugh has failed to reach a plea deal after nearly two years of negotiations, setting his case up for trial in Maryland federal court, federal prosecutors said Friday.
Expert Analysis
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Series
Whitewater Kayaking Makes Me A Better Lawyer
Whether it's seeing clients and their issues from a new perspective, or staying nimble in a moment of intense challenge, the lessons learned from whitewater kayaking transcend the rapids of a river and prepare attorneys for the courtroom and beyond, says Matthew Kent at Alston & Bird.
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3 Lessons From Family Dollar's Record $41.7M Guilty Plea
Family Dollar's recent plea deal in connection with a rodent infestation at one of its distribution facilities — resulting in the largest ever monetary criminal penalty in a food safety case — offers key takeaways for those practicing in the interconnected fields of compliance, internal investigations and white collar defense, says Jonathan Porter at Husch Blackwell.
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This Earth Day, Consider How Your Firm Can Go Greener
As Earth Day approaches, law firms and attorneys should consider adopting more sustainable practices to reduce their carbon footprint — from minimizing single-use plastics to purchasing carbon offsets for air travel — which ultimately can also reduce costs for clients, say M’Lynn Phillips and Lisa Walters at IMS Legal Strategies.
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What FinCEN Proposed Customer ID Number Change Means
The Financial Crimes Enforcement Network's recent request for comment on changing a requirement for banks to collect full Social Security numbers at account sign-up represents an important opportunity for banks to express their preferability, as communicating sensitive information online may carry fraud or cybersecurity risks, say attorneys at Crowell & Moring.
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Circumstantial Evidence Requires A Pointillist Approach
Because complex cases with sophisticated defendants are unlikely to reveal much, if any, direct evidence, attorneys must aggregate many pieces of circumstantial evidence into a cohesive narrative — much like the painting technique of pointillism, says Reuben Guttman at Guttman Buschner.
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Discord Stock Case Toss Means Little For Fraud Defendants
A Texas federal court’s recent dismissal of fraud charges related to a "pump and dump" scheme on Discord is an outlier after the U.S. Supreme Court scrapped the right-to-control theory of fraud last year, and ultimately won't deter the government from pursuing routine securities prosecutions, says William Johnston at Bird Marella.
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Strategies For Navigating Compliance Monitorships
As independent compliance monitorships continue to be a favored tool of the government in resolving corporate enforcement matters, counsel should have a firm grasp on best practices for selecting a monitor, preparing the company and ensuring a productive relationship between the parties, say attorneys at WilmerHale.
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At 'SEC Speaks,' A Focus On Rebuilding Trust Amid Criticism
At the Practising Law Institute's SEC Speaks conference last week, U.S. Securities and Exchange Commission leadership highlighted efforts to rebuild and restore trust in the U.S. capital markets by addressing investor concerns through regulatory measures and enforcement actions, emphasizing the need for cooperation from market participants, say attorneys at Perkins Coie.
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Series
NY Banking Brief: All The Notable Legal Updates In Q1
The first quarter of 2024 saw a number of notable legal and regulatory developments that will significantly affect New York's financial services industry, including the New York Department of Financial Services' finalized novel guidance directing banks to continuously monitor the character and fitness of key personnel, say Brian Montgomery and Nathan Lewko at Pillsbury.
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Weisselberg's Perjury At Trial Spotlights Atty Ethics Issues
Former Trump Organization executive Allen Weisselberg’s recent guilty plea for perjury in the New York attorney general's civil fraud trial should serve as a reminder to attorneys of their ethical duties when they know a client has lied or plans to lie in court, and the potential penalties for not fulfilling those obligations, say Hilary Gerzhoy and Julienne Pasichow at HWG.
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Practicing Law With Parkinson's Disease
This Parkinson’s Awareness Month, Adam Siegler at Greenberg Traurig discusses his experience working as a lawyer with Parkinson’s disease, sharing both lessons on how to cope with a diagnosis and advice for supporting colleagues who live with the disease.
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When Trade Secret Protection And Nat'l Security Converge
The Trump administration's anti-espionage program focused on China is over, but federal enforcement efforts to protect trade secrets and U.S. national security continue, and companies doing business in high-risk jurisdictions need to maintain their compliance programs to avoid the risk of being caught in the crosshairs of an investigation, say attorneys at Baker McKenzie.
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Calif. Verdict Showcases SEC's New 'Shadow Trading' Theory
Last week's insider trading verdict, delivered against biopharmaceutical executive Matthew Panuwat by a California federal jury, signals open season on a new area of regulatory enforcement enabled by the U.S. Securities and Exchange Commission's shadow trading theory, say Perrie Weiner and Aaron Goodman at Baker McKenzie.
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Strategies For Defense Attys To Subpoena A Nonparty Witness
Federal criminal defendants seeking to subpoena potentially exculpatory information from nonparty witnesses must satisfy a stringent standard and should consider several often overlooked arguments to assure courts they’re not engaging in a fishing expedition, says James Roberts at Schlam Stone.
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Series
Playing Hockey Makes Me A Better Lawyer
Nearly a lifetime of playing hockey taught me the importance of avoiding burnout in all aspects of life, and the game ultimately ended up providing me with the balance I needed to maintain success in my legal career, says John Riccione at Taft.