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White Collar
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August 07, 2024
Ripple Ordered To Pay $125M Penalty In SEC Case
A New York federal judge ordered Ripple Labs Inc. to pay a $125 million civil penalty on Wednesday in a long-awaited order addressing remedies for the blockchain company's failure to register institutional sales of its XRP token with the U.S. Securities and Exchange Commission.
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August 07, 2024
Young Thug Decries 'Horror' Of Working With Prosecutors
Atlanta rapper Young Thug launched another bid to boot prosecutors from his long-running gang trial, citing various episodes of alleged misconduct and arguing that prosecutors' inability to provide "the simplest and most basic fundamental fairness" requires their disqualification.
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August 07, 2024
Rising Star: Cohen & Gresser's Sri Kuehnlenz
Sri Kuehnlenz of Cohen & Gresser LLP was instrumental in securing the dismissal of six out of 13 criminal counts leveled against Sam Bankman-Fried for fraud related to the cryptocurrency exchange FTX, and she helped an engineer avoid prosecution who was swept up in the U.S. Department of Justice's China Initiative, earning her a spot among the white collar law practitioners under age 40 honored by Law360 as Rising Stars.
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August 07, 2024
Logistics Co. CEO Denies Role In NJ Racketeering Scheme
The chief executive officer of logistics firm NFI Industries on Wednesday denied that he played a role in an alleged scheme led by a New Jersey power broker accused of reaping millions in tax credits by using extortion to acquire waterfront property in the distressed city of Camden.
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August 06, 2024
Ex-US Atty, Mayor Poised To Face Off In Wash. AG Race
Seattle's former U.S. attorney and an Eastern Washington mayor who's also a gun rights advocate were leading the statewide primary Tuesday night to become the state's next attorney general.
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August 06, 2024
Convicted Mango Markets Crypto Trader Wants Acquittal
The crypto trader who was convicted of fraudulently draining more than $100 million from trading platform Mango Markets told a Manhattan federal judge that he should be fully acquitted on the grounds that federal prosecutors failed to prove at trial that he violated the law.
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August 06, 2024
Pakistani Man Plotted To Kill US Officials, Feds Say
A Pakistani man with ties to Iran is in custody Tuesday as the U.S. Department of Justice says it foiled his plans to assassinate U.S. government officials, which one Republican House member said included former President Donald Trump.
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August 06, 2024
Girardi Used Client Funds As 'Personal Piggy Bank,' Jury Told
The prosecution and defense painted starkly different portraits of Tom Girardi during opening statements Tuesday in the disbarred attorney's criminal fraud trial, with a California federal prosecutor saying Girardi stole millions from vulnerable clients while his lawyer described him as an "old man" losing his memory and exploited by an underling.
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August 06, 2024
Ill. Jury Hits Cop With $22.5M Wrongful Conviction Verdict
An Illinois federal jury awarded $22.5 million on Monday to the estate of a man who served 22 years in prison for a 1995 arson-murder he was later acquitted of committing.
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August 06, 2024
Feds Say Bid-Rigging Bros. Aren't Owed New Trial
Federal prosecutors moved Monday to block two brothers' bids for a new trial after they were convicted last month of involvement in a coastal Georgia concrete bid-rigging and price-fixing scheme, telling a judge a few offhand remarks from witnesses can't topple the mountain of evidence behind the guilty verdict.
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August 06, 2024
Possible Juror Naps Don't Tank Conviction, Conn. Justices Rule
A man's murder conviction and 65-year prison sentence will stand despite his protests that the trial judge should have intervened more strongly when a juror seemed to fall asleep several times on the first day of testimony, the Connecticut Supreme Court ruled Tuesday.
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August 06, 2024
NYC Prof Found Guilty Of Acting As A Secret Chinese Spy
A Brooklyn federal jury on Tuesday unanimously convicted an academic and author of secretly acting as an agent of the Chinese government by feeding information about Chinese dissidents and pro-democracy activists to China's intel service, following a weeklong jury trial, according to the U.S. Attorney's Office for the Eastern District of New York.
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August 06, 2024
7th Circ. Upholds Bitcoin Fraudster's 8-Year Sentence
The Seventh Circuit on Monday rejected the resentencing bid of a Nigerian man serving eight years in prison for carrying out an $8 million bitcoin fraud scheme, saying a lower court properly considered that he tried but failed to steal more than $51 million in crafting the appropriate sentencing range for his type of crime.
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August 06, 2024
Powell, Trump Attys Seek To Halt Mich. Bar Discipline Cases
Sidney Powell and other attorneys behind a legal challenge to Michigan's 2020 presidential election results want bar discipline proceedings paused while they ask the Michigan Supreme Court to step in and dismiss the professional misconduct complaints.
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August 06, 2024
Ex-Pfizer Worker Who Traded On Paxlovid Secrets Gets 9 Mos.
A Manhattan federal judge sentenced a former Pfizer Inc. statistician from New Jersey to nine months in prison Tuesday after a jury convicted him of insider trading on secrets about his former company's COVID-19 therapy trials for an illegal $272,000 profit.
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August 06, 2024
39 Law Firms Call On 6th Circ. To Reverse FirstEnergy Ruling
Dozens of law firms have signed on to an amicus curiae brief urging the Sixth Circuit to reverse a decision in a FirstEnergy shareholder litigation, the latest voices in the legal, insurance and business communities to call on the appellate court to reverse an Ohio federal judge's ruling they warn will threaten attorney-client privilege.
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August 06, 2024
'Rust' Prosecutor Says Confused Judge Tossed Baldwin Case
A New Mexico prosecutor has denied hiding exculpatory evidence or lying under oath during Alec Baldwin's botched trial in the "Rust" shooting, contending in a court filing that a confused judge wrongly threw out involuntary manslaughter charges against the actor.
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August 06, 2024
Feds Say Marathon Bomber Can't Oust Judge Amid Retrial Bid
Federal prosecutors said lawyers for Boston Marathon bomber Dzhokhar Tsarnaev misconstrued a local rule in seeking a different judge to consider his bid for a new sentencing trial.
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August 06, 2024
NC Software Execs Can't Unravel Payroll Tax Fraud Conviction
Two former software executives found guilty of failing to pay over $600,000 in employment taxes failed to clear a steep hurdle in trying to reverse their convictions, a North Carolina federal judge said in rejecting their bid for acquittal or a new trial.
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August 06, 2024
Rising Star: Williams & Connolly's Eden Schiffmann
Eden Schiffmann of Williams & Connolly LLP has successfully petitioned the U.S. Supreme Court for certiorari several times, including most recently in 2023, when he helped bring before the justices the first contested criminal case against a foreign sovereign instrumentality in U.S. history. His work before the high court, and other high-profile matters involving a broad range of legal issues, have earned him a spot among the white collar law practitioners under age 40 honored by Law360 as Rising Stars.
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August 06, 2024
Ex-Army Contract Officer Gets 1 Year For GF's No-Show Job
A former U.S. Department of Defense contracting officer has been sentenced to a year in prison for getting his girlfriend a high-paying, no-show job at a defense contractor, then taking multiple trips to Disney World and other vacation spots with her on taxpayers' dime.
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August 06, 2024
Judge Says Suit Over NJ Cops' Pot Use Belongs In State Court
A New Jersey federal judge has decided against getting involved in a dispute between Jersey City and police officers it terminated after they tested positive for marijuana use, ruling that any conflict between federal gun control law and the state's cannabis legalization statute should be dealt with on the state level first.
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August 05, 2024
Epstein's Advisers Must Face Victims' Proposed Class Action
A New York federal judge on Monday refused to throw out a putative class action against associates of Jeffrey Epstein, yet also held that one of the victims couldn't pursue her claims in a 2021 liability release that is "about as broad and categorical as it gets."
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August 05, 2024
Ex-Trump Atty Ellis To Cooperate In Ariz. Fake Electors Case
Jenna Ellis, former legal adviser to Donald Trump, has agreed to cooperate with Arizona prosecutors' case alleging allies of the former president made efforts to subvert the results of the 2020 presidential election, the Arizona Attorney General's Office announced Monday.
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August 05, 2024
Coinbase Broke Campaign Finance Laws, Crypto Critics Say
Crypto exchange Coinbase violated campaign finance laws when it donated $25.5 million to political action committees while negotiating a federal contract, prominent crypto critics told a federal election watchdog — a claim the firm's legal chief has staunchly denied.
Expert Analysis
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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.
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For Lawyers, Pessimism Should Be A Job Skill, Not A Life Skill
A pessimistic mindset allows attorneys to be effective advocates for their clients, but it can come with serious costs for their personal well-being, so it’s crucial to exercise strategies that produce flexible optimism and connect lawyers with their core values, says Krista Larson at Stinson.
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High Court's Jan. 6 Rioter Case May Have Wide Ripple Effects
The U.S. Supreme Court will soon hear oral arguments in Fischer v. United States, a case that will determine whether a law enacted after the Enron scandal can be used to prosecute Jan. 6 rioters, and could affect the government’s ability to charge those who impede a range of official proceedings, say Brook Dooley and Sara Fitzpatrick at Keker Van Nest.
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Bankruptcy Courts' Role In Shaping Crypto's Legal Framework
Massive financial and criminal liability has led to the recent collapse of major cryptocurrency companies and put bankruptcy courts in the spotlight, underscoring the urgent need for a comprehensive regulatory framework, say Tara Pakrouh and Eric Monzo at Morris James.
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Trump's NY Civil Fraud Trial Spotlights Long-Criticized Law
A New York court’s recent decision holding former President Donald Trump liable for fraud brought old criticisms of the state law used against him back into the limelight — including its strikingly broad scope and its major departures from the traditional elements of common law fraud, say Mark Kelley and Lois Ahn at MoloLamken.
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Intent-Based Theory Of Liability In Hwang Creates Ambiguity
A case against Archegos Capital founder Bill Hwang alleging that he participated in a securities manipulation scheme, which goes to trial next month in New York federal court, highlights the need for courts to clarify the legal standard defining "market manipulation," says Edward Imperatore at MoFo.
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How A Motion Before Justices May Help Trump Beyond Court
Even if Donald Trump loses his presidential immunity claim before the U.S. Supreme Court, the delay created by the motion may mean a trial can't be completed before the November election, says Paul Tuchmann at Wiggin and Dana.
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Opinion
$175M Bond Refiled By Trump Is Still Substantively Flawed
The corrected $175 million bond posted by former President Donald Trump on Thursday to stave off enforcement of the New York attorney general's fraud judgment against him remains substantively and procedurally flawed, as well as inadequately secured, says Adam Pollock of Pollock Cohen.