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In this article, which is the third in
a series of articles addressing federal
sentencing practice and procedure
post-Booker, Matthew Lee analyzes the
impact of the United States Supreme Court's
recent decisions in Gall and
Kimbrough. Mr. Lee's earlier articles in
this series are Federal Appeals Courts Offer
Disparate Approaches to Appellate Review of
Sentences Post-Rita* and Supreme Court Rules That
Guidelines Sentences May Be Considered
Presumptively Reasonable on
Appeal**
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An updated overview by Joseph G. Poluka and Lewis W. Schlossberg of the
mortgage crisis and how government
investigations are focusing on individuals and
companies viewed as being associated with the
crisis.
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Our article by Joseph G. Poluka and Inbal Paz looks at how, with
the rapid progression of computer technology,
the production of documents in response to a
government subpoena or civil discovery request
has unearthed new and unexplored issues.
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While many firms scramble to assemble teams
in response to the sub-prime crisis, Blank
Rome's established mortgage industry group has
over 25 years of experience in dealing with
fluctuating mortgage market volatility and all
of the myriad issues highlighted by the recent
subprime mortgage crisis.
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We are pleased to announce that Gregory F. Linsin has joined
the Firm’s Washington office as a Partner in our
white collar, internal and government
investigations group.
Mr. Linsin concentrates his practice on
environmental criminal litigation and compliance
counseling. Prior to joining Blank Rome, Mr.
Linsin served as Special Litigation Counsel for
the United States Department of Justice,
Environmental Crimes Section.
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February 20, 2008: Our partner Craig Hymowitz led a webinar
on The ABCs of Hedge Funds and Other
Investment Vehicles – What Are They and What AML
Risks Do They Pose to Your Institution? The
session attracted 120 attendees and was so
successful that we will be doing follow-up
sessions later this year. Stay tuned!
March 5, 2008: Blank Rome is
co-Sponsoring the Philadelphia White Collar
Bar Reception at the ABA White Collar Crime
Conference. If you are attending the
Conference, please join us on March 5th, 8 to 11
p.m. in the Pool & Orchard at the Delano
Hotel in Miami.
May, 2008: Blank Rome will host our
Spring Consumer Law for Business Seminar. Topics
will include the latest developments in the use
of consumer arbitration agreements, privacy and
data security laws relating to consumer
information, new identity theft obligations for
businesses under amendments to the federal Fair
Credit Reporting Act, and telemarketing, fax and
email marketing restrictions. Featured speakers
will include Joseph Mayk, Craig Hymowitz, Diane Slifer, Andrew McMullin and Paul Schieber. The seminar
will be held in the Marvin Comisky Conference
Center at 1 Logan Square in Philadelphia.
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| The number of federal class-action
lawsuits alleging securities fraud spiked 43
percent in 2007 as the subprime-mortgage mess
unfolded, ending a two-year decline, according
to research released by the Stanford Law School.
The annual report by the law school's Securities
Class Action Clearinghouse and Cornerstone
Research in Boston found that plaintiffs filed
166 suits last year, up from 116 in
2006. |
| (Source:
SiliconValley.com (free reg. req'd), 2008-01-04) |
Read the article
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| In a decision sought by corporate
America to stem the tide of securities lawsuits,
the U.S. Supreme Court pulled the plug on
investors trying to sue some suppliers of a
company whose stock price was inflated with the
aid of the suppliers. The high court held that
the investors did not have the private right to
sue because they did not rely upon the
statements or representations made by the
suppliers. |
| (Source:
Insurance Journal,
2008-02-15) |
Read the article
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| Sixty-one percent of defendants
sentenced in the Bush administration's crackdown
on corporate fraud spent no more than two years
in jail, escaping the stiff penalties given
WorldCom Inc. and Enron Corp. executives. In the
past five years, 28 percent of those sentenced
got no prison time and six percent received 10
years or more, according to a review of 1,236
white-collar convictions. |
| (Source:
Bloomberg,
2007-12-13) |
Read the article
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| Pension funds and other institutional
investors have taken a growing role in
securities litigation, according to a study by
The Corporate Library. Public pension funds have
been assigned lead-plaintiff status in 14 of 25
cases filed in 2007 that reached that point in
the litigation, the study said. |
| (Source:
Pensions & Investments, 2008-01-29) |
Read the article
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| Former Lancer Group hedge fund manager
Michael Lauer and four others who defrauded
hedge fund investors of more than $200 million
have been indicted on conspiracy and wire fraud
charges, the U.S. Justice Department said.
According to the indictment, from October 1999
to July 2003, Lauer and his co-defendants
manipulated the closing market price of thinly
traded shell company securities to falsely
inflate the value of Lancer Group hedge
funds. |
| (Source:
Reuters,
2008-02-19) |
Read the article
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| Five former insurance executives were
found guilty of fraud and conspiracy in a scheme
to manipulate the financial statements of the
insurance company American International Group.
The defendants were convicted on all 16 charges,
including conspiracy, securities fraud, mail
fraud and lying to the Securities and Exchange
Commission. |
| (Source: The
New York Times (free reg. req'd), 2008-02-26) |
Read the article
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| Two former Marsh Inc. executives were
convicted in New York state court on an
antitrust charge in a bid-rigging case brought
by the New York Attorney General's Office. In
Manhattan, New York State Supreme Court Justice
James Yates found William Gilman, Marsh's former
executive marketing director, and Edward J.
McNenney, the insurance broker's former global
placement director, guilty of restraint of trade
under New York's Donnelly Act after a 10-month
trial. |
| (Source:
CNNMoney.com,
2008-02-22) |
Read the article
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| Federal regulators, targeting five
separate schemes that involved penny stocks and
alleged kickbacks to a fictitious hedge fund,
have criminally indicted six individuals and
filed civil charges against 10 individuals or
companies they controlled. According to the SEC,
the individuals charged are insiders or
promoters of publicly traded companies, and live
in Florida, New York, California, or
Nevada. |
| (Source:
CFO.com,
2007-12-10) |
Read the article
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| A person who legally obtains insider
information -- as a corporate official or an
investment banker, for example -- will almost
certainly break the securities law if he or she
trades on the basis of that information before
it is made public, but it is far less clear that
someone who illegally gets their hands on such
information will have violated the securities
laws by trading on it. The securities law used
to bring insider trading charges -- Section
10(b) of the 1934 Securities Exchange Act --
talks of "a deceptive device or contrivance,"
and it is not clear that there is any deception
involved in simple theft. |
| (Source: The
New York Times (free reg. req'd), 2008-02-15) |
Read the article
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| The Utah Attorney General's Office has
filed criminal charges against an Ogden
businessman accused of bilking hundreds of
investors out of more than $140 million. Val
Edmund Southwick, 62, was charged in Salt Lake
City's 3rd District Court with nine counts of
securities fraud, a second-degree felony.
Prosecutors accuse him of bilking 817 investors
out of millions in a commercial real-estate
investment scheme. |
| (Source:
Deseret News,
2008-02-07) |
Read the article
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| A billionaire accused of stashing a
fortune in foreign bank accounts pleaded guilty
to filing a false tax return and has paid more
than $52 million in back taxes, penalties and
interest, the Internal Revenue Service said.
Igor Olenicoff entered the plea in federal
court, according to the IRS, and faces up to
three years in prison. |
| (Source: San
Francisco Chronicle,
2007-12-13) |
Read the article
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| A U.S. judge sentenced three British
bankers, known as the "NatWest 3," to three
years and one month each in prison for their
role in an Enron-related fraud case. Prosecutors
had accused the men of conspiring with former
Enron Corp Chief Financial Officer Andrew Fastow
to defraud National Westminster Bank Plc, or
NatWest, of $19 million, dividing $7 million
among themselves. |
| (Source:
Reuters,
2008-02-22) |
Read the article
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| The deal was all worked out. McSha
Properties, a Norman property management
company, would plead guilty to federal fraud
charges and agree not to be involved in any more
low-income housing construction projects like
the one at the root of the charges, and the U.S.
government would get more than $4 million in
restitution and fines to make up for what it
lost in the fraud scheme. But Judge Joe Heaton
rejected a proposed plea agreement last month,
putting the case against McSha squarely in
limbo. |
| (Source:
NewsOK,
2008-02-25) |
Read the article
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By listening to general
counsel, business leaders, and entrepreneurs and
anticipating their needs, Blank Rome has
provided service to clients for more than 60
years. We have become one of America's
fastest-growing law firms by adding leading
talent and new practice areas to handle critical
matters. Learn why our know-how, depth, and
diversity, can enhance your business. At Blank
Rome, we see the world through our clients'
eyes. |
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Complete
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For the
Defense is a quarterly e-mail
service edited by Joseph G. Poluka and
provided by Blank Rome LLP. © 2008, Blank
Rome LLP. Notice: The purpose of
this newsletter is to identify select
developments that may be of interest to readers.
The information contained herein is abridged and
summarized from various sources, the accuracy
and completeness of which cannot be assured. The
For the Defense newsletter
should not be construed as legal advice or
opinion, and is not a substitute for the advice
of counsel. Additional information may be found
on website www.blankrome.com.
To opt
out of this Blank Rome newsletter, click here or call
215-569-5500, ext. 4685. To subscribe to this
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Any Federal
tax advice contained herein is not intended or
written to be used, and cannot be used by you or
any other person, for the purpose of avoiding
any penalties that may be imposed by the
Internal Revenue Code. This disclosure is made
in accordance with the rules of Treasury
Department Circular 230 governing standards of
practice before the Internal Revenue Service.
Any written statement contained herein relating
to any Federal tax transaction or matter may not
be used by any person without the express prior
written permission in each instance of a partner
of this firm to support the promotion or
marketing of or to recommend any Federal tax
transaction(s) or matter(s) addressed
herein.
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