Saturday, January 31, 2009
Natalie Neysa Alund & Duane Marsteller, BradentonHerald.com, Judge denies Nadel's bond -Judge says former Sarasota hedge fund manager is too much of a flight risk; John Hielscher, HeraldTribune.com, Art Nadel is denied release
John Morrissy, Canwest News Service, White-collar criminals likely to face jail time, study finds (international)
Jeffrey Scott & Craig Schneider, AJC, Federal officials begin criminal investigation of Georgia plant
Ashby Jones, WSJ Blog, Scrushy, Back in Court, Rails Against Huge HealthSouth Settlement
Jennifer Forsyth, WSJ Blog, Indictment: Marc Dreier Used Fraud Proceeds to Support Lavish Lifestyle
Ann Woolner, Bloomberg, Madoff Victims Suspected a Crime, Just Didn’t Care
Pamela A. MacLean, NLJ, law.com, Lawyers burned in Ponzi schemes - Several ways for unwitting attorneys to be ensnared in swindles
Friday, January 30, 2009
The new Illinois Governor, as his first executive order, has decided to take on the fight against corruption in government. He issued an Executive Order creating the Illinois Reform Commission that has several purposes including "to undertake a focused evaluation of both existing Illinois law and the operational practices of the State of Illinois from the perspective of ethics in government, proposing, as the Commission deems appropriate, amendments to existing law." Although Governor Pat Quinn established this commission before former Governor Rod Blagojevich's impeachment and conviction, this act was his first Executive Order, sending the clear message that he means business.
Marcia Coyle, NLJ, law.com, Assistant AG in DOJ's antitrust division returns to Covington & Burling
Lynne Marek, NLJ, law.com, Federal prosecutor on the team that convicted Conrad Black heads to Main Justice
Marcia Coyle, NLJ, law.com, Senate Judiciary Committee GC moves to White House
Wednesday, January 28, 2009
Check out the FCPA Blog, Halliburton Announces Pending Settlement; Dan Slater, WSJ Blog, Halliburton Breaks FCPA Settlement Record for U.S. Companies.
How much can you fine a company for violating the law? At what point does the fine exceed a cost of doing business and become a deterrent for future conduct, not to mention a general deterrent to other companies?
David Ingram, BLT Blog, Specter Says He Will Vote for Holder
Elaine Silvestrini, TBO.com, Missing Sarasota Hedge Fund Manager Nadel Surrenders
Houston Chronicle, Former executive pleads guilty
Larry Margasak, LA Times (AP), House Judiciary Committee chairman subpoenas Karl Rove in continuing legal battle
Tuesday, January 27, 2009
The first sentence given to a former General Re executive was for two years (see here). The court now sentenced a second individual, AIG's former vp of reinsurance. This time the sentence is four years. See Colleen McCarthy, Business Insurance, Milton Sentenced to 4 Years for General Re Fraud; Doug Berman, Sentencing Law & Policy Blog, Another former AIG executive gets serious prison time, but also a serious variance. Commentary to follow.
The National Association of Criminal Defense Attorneys (NACDL) posted the following notice seeking a Director for White Collar Crime Policy:
National Association of Criminal Defense Lawyers
Monday, January 26, 2009
Boston Globe, Galvin, SEC say Quincy broker defrauded clients
DOJ Press Release, Lan Cargo S.A., Aerolinhas Brasileiras S.A. and El Al Israel Airlines LTD. Agree to Plead Guilty For Fixing Prices on Air Cargo Shipments - Companies Agree to Pay More Than $124 Million in Criminal Fines
Donovan Slack, Boston Globe, Wilkerson admits she took at least $70,000 -Says ethics panel advice shows gifts were legal
Stephen Labaton, NYTimes, Obama Plans Fast Action to Tighten Financial Rules
Lucy Morgan, St Pete Times, Fighting corruption with the 'honest services' doctrine
David Ingram, The BLT Blog, In Fundraising Letter, Streisand Backs Holder Confirmation
Ray Long, Chicago Tribune, House prosecutor: Governor 'put his office up for sale'
US Senators Charles E. Schumer and Richard Shelby will be calling for more resources to "add hundreds of new investigators and prosecutors to the financial fraud units at the nation’s top law enforcement agencies in order to expose and punish white-collar crimes that have contributed to the ongoing fiscal crisis." (see press release here). The press release states that the, "Supplemental Anti-Fraud Enforcement ('SAFE') Markets Act, would dedicate an additional $110 million annually for these new hires. The senators said they would seek to pass the additional funding at the earliest possible opportunity." It is good to see that white collar crime is being recognized as an important priority. But it is hoped that with the increase in law enforcement resources, there will also be an increase in resources to indigent defense so that we have a system that truly recognizes the importance of a fair judicial system.
Sunday, January 25, 2009
Ryan D. McConnell, Larry D. Finder, and Scott L. Mitchell provide new data regarding corporate deferred and non-prosecution agreements. It is interesting to see a decline of sixty percent in 2008 from the number of agreements in 2007. It was not surprising to see that Foreign Corrupt Practice Act agreements were seven of the sixteen agreements in 2008. This study is a wonderful compilation of who received agreements, the type of agreement, and for what activities. The article also speaks to compliance programs with a listing, by crime, of features of a DPA/NPA Compliance Program. This piece should be a must-read for in-house counsel and all attorneys working with companies on compliance programs.
The article, to be published in Corporate Counsel Review, is available on SSRN here
The rankings are out and this blog was ranked 18th for visitors (was 16th last year), but moved up from 18th into 16th place for page views on the 2008 Law Prof Blog Traffic Rankings (see here for a discussion of this importance of page views). The rankings process and time period covered are described on Paul Caron's Tax Prof Blog here
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