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White Collar
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July 10, 2024
Engineer Who Faced Export Charges Cops To Tax Counts
A Chinese-born engineer has pled guilty to two counts of filing a false tax return related to allegations that he and his wife omitted gross income from their tax returns between 2015 and 2019, after Texas federal prosecutors initially charged the couple with export violations and fraud.
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July 10, 2024
Deutsche Bank Settles Ex-Trader's Malicious Prosecution Suit
Deutsche Bank has settled a lawsuit brought by a former trader who claimed the bank scapegoated him when the U.S. Department of Justice began an investigation into suspected interest rate rigging, according to a Wednesday filing in New York federal court.
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July 10, 2024
Key Menendez Witness Faces Scrutiny As Closings Drag On
Closing arguments in U.S. Sen. Robert Menendez's bribery trial are set to go into a fourth calendar day after jurors watched multiple sets of defense counsel Wednesday tear apart the testimony of a key cooperating witness.
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July 10, 2024
Archegos Founder Convicted Of $100B Fraud On Wall Street
A Manhattan federal jury on Wednesday convicted Archegos founder Bill Hwang of illegally injecting over $100 billion into Wall Street markets with lies to banks that ballooned stocks and his assets, before running his family-office hedge fund into the ground.
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July 10, 2024
Ocasio-Cortez Seeks Impeachment Of Justices Thomas, Alito
New York Rep. Alexandria Ocasio-Cortez filed articles of impeachment against U.S. Supreme Court Justices Clarence Thomas and Samuel Alito on Wednesday following a year of revelations about their repeated failures to disclose the acceptance of luxury travel and gifts, refusals to recuse in certain cases and other purported ethics violations.
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July 10, 2024
Ga. Judge Shakes Off YSL Bid To Step Aside From DQ Fight
A Georgia state judge has rejected a request from Atlanta rapper Young Thug that she step aside from handling his motion seeking another judge's recusal from his racketeering trial for allegedly colluding with prosecutors in a closed-door meeting with a key witness.
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July 10, 2024
Former McElroy Deutsch CFO Hits Ch. 11 Amid Theft Cases
McElroy Deutsch Mulvaney & Carpenter's former chief financial officer filed for bankruptcy in New Jersey this week as he awaits sentencing for embezzling over $1.5 million from the firm over a period of years via fraudulent bonuses.
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July 10, 2024
Baldwin Trial Opens With 911 Call Blaming Assistant Director
Alec Baldwin on Wednesday began his defense to criminal charges over the "Rust" shooting by playing for a New Mexico jury a 911 recording in which the caller describes the fatal incident as accidental and then blames the film's assistant director for what happened.
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July 10, 2024
Ex-NBA Player Pleads Guilty In Betting Scandal
Former NBA player Jontay Porter pled guilty to a federal charge in Brooklyn on Wednesday for his part in an illegal sports betting scheme, admitting that he withdrew from games to ensure winning bets for men he owed a gambling debt.
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July 10, 2024
Ex-Ill. Senator Gets 3½ Years For Misusing Campaign Funds
Former Illinois state Sen. William "Sam" McCann has been sentenced to 42 months in prison following his post-trial admission to spending campaign funds on personal items such as trucks and recreational vehicles.
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July 10, 2024
Ex-CEO Convicted In COVID Test Kit Fraud Case
A former healthcare software executive was found guilty of securities fraud Wednesday by a New Jersey federal jury in the retrial of a case that ended in a hung jury in December.
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July 09, 2024
Texas Chief Justice Calls Pulling IDs Over Fines 'Stupid'
The chief justice of the Supreme Court of Texas told the Senate Judiciary Committee during a Tuesday hearing on funding civil legal aid that the practice of revoking a person's driver's license for an inability to pay court fees was "stupid."
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July 09, 2024
Pharma Co. Fined $16.9M For Fake Scripts, Ex-VP Arrested
A subsidiary of bankrupt DMK Pharmaceuticals Corp. faces a $16.9 million criminal fine after pleading guilty to conspiring in a scheme to ship drugs using false prescriptions, federal prosecutors announced Tuesday, adding that the subsidiary's former vice president of sales was also arrested.
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July 09, 2024
4th Circ. Finds No Judicial Bias In DOD Contractor's Sentence
The Fourth Circuit on Tuesday upheld a nine-year prison sentence for a North Carolina woman who fraudulently obtained military contracts valued at over $2.2 million, rejecting her argument that the district judge should've recused himself for bias and calling his admonishment during her sentencing "'ordinary,' albeit strongly worded."
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July 09, 2024
Hunter Biden Yanks New Trial Bid Feds Blasted As 'Laughable'
Hunter Biden yanked his bid for a new trial Tuesday that he argued was warranted based on the district court's purported lack of jurisdiction after a jury found him guilty of felony gun charges, retracting his motion and siding with Delaware federal prosecutors' reasoning after they slammed his arguments as "laughable."
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July 09, 2024
Veteran EDNY Federal Prosecutor Joins Covington
The former Criminal Division chief at the Brooklyn U.S. Attorney's Office has returned to private practice as a partner in Covington & Burling LLP's New York office, the firm announced Tuesday.
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July 09, 2024
Disbarred Ohio Atty Cops To Landing Law Jobs With Fake IDs
A disbarred Ohio attorney admitted Tuesday to using false identities — including information belonging to his father, girlfriend and a dead man — to snag high-paying gigs or job offers from at least seven different law firms, the U.S. Department of Justice said in a statement.
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July 09, 2024
NY Judge In Trump Case OKs Narrow Subpoena For Atty
An attorney who told reporters he held an impromptu hallway conversation with a New York state judge in the lead-up to February's $464.6 million civil fraud judgment against Donald Trump must turn over any communications he had with the court regarding the underlying action, according to a Tuesday ruling.
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July 09, 2024
Judge Greenlights New Defamation Claims In Sabotage Suit
A couple accused of sabotaging a North Carolina software company can countersue its co-founder and his wife for defamation, a state Business Court judge ruled Tuesday, casting aside concerns that allowing new claims at this late stage will delay the upcoming trial.
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July 09, 2024
Indicted Ex-Conn. Official Drops Greece Vacation Plan
Ex-Connecticut budget official Konstantinos "Kosta" Diamantis on Tuesday dropped his request for a federal judge's permission to travel to Greece while he is under indictment, withdrawing his motion one day after prosecutors objected.
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July 09, 2024
5th Circ. Presses SEC On Whistleblower Award Calculation
The Fifth Circuit heard oral arguments Tuesday in a case accusing the U.S. Securities and Exchange Commission of shortchanging two whistleblowers who uncovered the largest fraud in Texas history, with one judge pressing the agency's attorney over how much money it was able to collect after the fraudster declared bankruptcy.
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July 09, 2024
Feds Say Pa. Headstone Seller Scammed Bereaved Of $1.5M
An Upper Merion, Pennsylvania, man already awaiting trial in state court now faces federal wire fraud charges after prosecutors said his family business selling headstones took in more than $1.5 million in up-front payments for grave markers that were never delivered to customers in Pennsylvania and New Jersey.
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July 09, 2024
NJ Jury Begins Deliberating COVID Test Kit Fraud Case
Jurors began deliberating Tuesday in the retrial of a securities fraud case that ended with a dramatic mistrial after a juror announced in open court last December that he disagreed with the guilty verdict that had just been delivered by the jury forewoman.
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July 09, 2024
Yellen Says Customer Due Diligence Proposal Planned For Fall
Treasury Secretary Janet Yellen told members of Congress Tuesday that her department is aiming to release a proposal this fall to revise the Financial Crimes Enforcement Network's customer due diligence rule, while facing criticism over "duplicative" reporting regimes.
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July 09, 2024
Boeing, DOJ Say 737 Max Families Can't Rush Monitor Pick
Boeing has told a Texas federal judge that 737 Max crash victims' families cannot rush the appointment of an independent monitor to oversee the company's safety and compliance efforts, saying its new tentative plea agreement with the U.S. Department of Justice adequately addresses the monitorship issue.
Expert Analysis
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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.
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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.