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8/31/2007
And the Lerach "Obits" Keep Coming...
Bill Lerach Retirement Date Announced
Katrina, 2 Years Later
Back in the Saddle, A Little Catching Up to Do
Being a New Dad...
Baby Things Are Happening 8/22/2007
Investigators... Looking for a Job in London?
WSJ's Lattman Muses Over the Future of a Lerach-less Lerach Coughlin
Refco Final Report Released
PI Who Filed Bogus Docs in Cali Gets 5 Years
For Your Reading List - Pharmalot
Conde Nast Portfolio... Welcome to My Radar
40 Weeks +3 Days
Reporters and Family Sue HP in Connection With Company's Spying
Former KLA General Counsel to Face Backdating Charges
American Savings Bank Resigns, Federal Investigation Looms
Jail Day for Sanjay Kumar of CA
SEC Pats Self on Back... Viva La Regulacion!
Siemens Fires Head of Compliance, Bribery Scandal Unabated
Still No Baby
The American Lawyer Wonder Where the Security Class Actions Have Gone
Federal prosecutors Move Against Financial Advisor of Broadcom Co-Founder
Spitzer Investigated, The NYT Re-Caps
SEC Inspector General Steps Down in Wake of Botched Pequot Investigation
Milberg Hearing Sees 3 Counts Dismissed, 20 to Go
Brocade Conviction Is First Successful Criminal Prosecution of Stock Option Backdating
Interfor CEO Claims Conrad Black Hid Millions
UK "Investigative Firm" in Hot Water
Bayou Hedge Fund Sentencing Update, Also Investor Suit Dismissed
Business Week Covers Trident Corporate Intelligence
Ideoblog Milberg Paper Gets NYT Coverage
Congress Says SEC Erred in Pequot Investigation
Money Laundering in the UK
Fisrt Advantage Still Hiring...
Sowood Capital Management in Trouble
For Once I Agree With Overlawyered...
More on the WestLB Dismissals
Alaskan Senator in the Deep Stuff
And the Lerach "Obits" Keep Coming...
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Bill Lerach Retirement Date Announced
In a statement released earlier in the week the firm of Lerach Coughlin Stoia Geller Rudman & Robbins announced that effective August 31st they would be dropping "Lerach" from their name. This move signals the expected retirement of firm co-founder and big gun (arguably the biggest gun in class action litigation), William S. Lerach.
Bill Lerach has spend the last year or so increasingly dogged by the results of a federal investigation into he and his former colleagues at plaintiff firm Milberg Weiss. After seven years of digging the probe heated up this year as authorities turned up the heat on key witnesses like former Milberg lead plaintiffs; retired entertainment attorney, Seymour Lazar and and the colorful eye doctor, art dealer and insurance fraudster, Steven Cooperman.
Since then we've seen indictments, resignations and, just perhaps, the end of an era. Lerach has yet to be indicted himself and may never be, but he remains one of the biggest fish in the case and - no doubt - the one prosecutors were looking to land all along. Amid all the speculation over whether an indictment of Lerach would be forthcoming murmers started about a potential retirement, one that might spare his current firm should Lerach be prosecuted.
It appears that August 31st will be the date.
Lerach, with typical brass, had this to say, “I have appreciated the opportunity to fight for the victims of corporate fraud. However, I realize that my success has made me a target,” Mr. Lerach said in a statement. “These allegations have proven to be personally time-consuming, and I have decided to focus single-mindedly on putting the matter behind me once and for all.”
-- MDT
8/29/2007
Bill Lerach has spend the last year or so increasingly dogged by the results of a federal investigation into he and his former colleagues at plaintiff firm Milberg Weiss. After seven years of digging the probe heated up this year as authorities turned up the heat on key witnesses like former Milberg lead plaintiffs; retired entertainment attorney, Seymour Lazar and and the colorful eye doctor, art dealer and insurance fraudster, Steven Cooperman.
Since then we've seen indictments, resignations and, just perhaps, the end of an era. Lerach has yet to be indicted himself and may never be, but he remains one of the biggest fish in the case and - no doubt - the one prosecutors were looking to land all along. Amid all the speculation over whether an indictment of Lerach would be forthcoming murmers started about a potential retirement, one that might spare his current firm should Lerach be prosecuted.
It appears that August 31st will be the date.
Lerach, with typical brass, had this to say, “I have appreciated the opportunity to fight for the victims of corporate fraud. However, I realize that my success has made me a target,” Mr. Lerach said in a statement. “These allegations have proven to be personally time-consuming, and I have decided to focus single-mindedly on putting the matter behind me once and for all.”
-- MDT
Labels: Bill Lerach, kickbacks, Lerach, Milberg, Milberg Weiss, Seymour Lazar, Steven Cooperman
Katrina, 2 Years Later
20,000+ refugees remain scattered throughout the South. Please don't forget about these folks.
-- MDT
-- MDT
Labels: Katrina
Back in the Saddle, A Little Catching Up to Do
Hey there Daily Caveat readers...it feels good to get back on here and post a few things while baby and mom are napping. Thanks to everyone who sent along well wishes as well as articles and things to keep me in the loop. So, what did I miss while in the land of vomit and diapers? For starters, a few things:
-- MDT
8/27/2007
- Greece practices hedge fiend catch and release program with fugitive Angelo Haligiannis.
- The Bank of Montreal opens up about their ongoing natural gas trading investigation.
- Munich-based Siemens prosecutors met yesterday with their counterparts at the SEC.
- Trial of former manager, Kourosh Partow, gives window into blind-eye culture at Countrywide Financial.
- Three of four defendants in Peregrine Systems fraud case will be retried after jury deadlock.
- Reuters debates the mixed legacy of class action king and soon-to-be retiree, Bill Lerach.
-- MDT
Labels: Angelo Haligiannis, Bank of Montreal, Bill Lerach, Countrywide, Kourosh Partow, Peregrine Systems, Siemens
Being a New Dad...
Is some time consuming stuff!
I'll be back writing The Daily Caveat shortly, but for the next day or so things will be happening slowly as we adjust to our new resident and host various and sundry family and friends who are queuing up to visit from Louisiana to New Jersey and all points in between.
For the record baby Clara came on August 24th at 2:10 AM. She was 7lbs, 4oz, 20 and 1/2 inches long and beautiful!
Thanks to all of our regular readers who send kind notes my way!
-- MDT
8/23/2007
I'll be back writing The Daily Caveat shortly, but for the next day or so things will be happening slowly as we adjust to our new resident and host various and sundry family and friends who are queuing up to visit from Louisiana to New Jersey and all points in between.
For the record baby Clara came on August 24th at 2:10 AM. She was 7lbs, 4oz, 20 and 1/2 inches long and beautiful!
Thanks to all of our regular readers who send kind notes my way!
-- MDT
Labels: baby
Baby Things Are Happening 8/22/2007
Investigators... Looking for a Job in London?
This sounds pretty interesting. How's your background on money laundering? According to AppointmentsUK, a "major, global organisation require a Senior Manager for their high-profile Financial Services Fraud Crime Investigation Team." The bank isn't bad either... £85,000. That's a lot of trips down to the chipper. Think of all the cod! If you're interested, the listing is here.
-- MDT
8/21/2007
-- MDT
Labels: corporate investigators, jobs
WSJ's Lattman Muses Over the Future of a Lerach-less Lerach Coughlin
Is that wistfullness I hear?
As always with the WSJ Lawblog, half the fun is in the comments.
-- MDT
As always with the WSJ Lawblog, half the fun is in the comments.
-- MDT
Labels: Bill Lerach, indictment, kickbacks, Lerach, Milberg, Milberg Weiss
Refco Final Report Released
Race to the Bottom has details and links.
-- MDT
-- MDT
Labels: accounting fraud, boom, Race to the Bottom, Refco
PI Who Filed Bogus Docs in Cali Gets 5 Years
Kathleen Culhane, a former PI based in California, made news a few months back when it was revealed that she had been forging documents, specifically the signatures of witnesses and jury members. Culhane was acting in a misguided effort to halt the execution of California inmates. For her trouble she has been sentenced to five years in prison.
-- MDT
8/20/2007
-- MDT
Labels: capital punishment, forged documents, Kathleen Culhane, sentencing
For Your Reading List - Pharmalot
Pharmalot is the pharmaceutical-industry focused investigative blog penned by Ed Silverman of the New Jersey Star Ledger. Good stuff here if you, like The Daily Caveat, just generally skeptical of the drug industry and their billion dollar ad budgets.
8/17/2007
Pharmalot is also one of The Times' (of London, mind you) top 50 business blogs (lots to love on that list). What originally caught my eye at Pharmalot was Silverman's post on Provenge and the Private Eye. Take the time to scroll through his active and engaged comment crew.
-- MDT
-- MDT
Labels: blogs, Ed Silverman, pharma, Pharmalot
Conde Nast Portfolio... Welcome to My Radar
The Daily Caveat is a simple man and not one routinely given over to reading CondeNast. But darn it if their Portfolio online imprint (currently in oh-so Web2.0 BETA) hasn't been worming its way to my attention over the last week or so. A few examples:
Lets start with the quick piece on the HP spying lawsuits, a topic discussed in this space only yesterday. As an amusing corollary, there's also this somewhat tongue in cheek guide to surviving corporate spying.
And there is this very interesting story on a couple of hedge fund managers who are currently suing their former law firm, Akin Gump, for what they've come to see as seriously bad advice on what does and does not constitute illegal trading.
For something a little more lo-fi, check out this piece on a Tennessee investiation into graveyard swindlers, Quest Minerals & Exploration who perpetrated "history’s first large-scale white-collar grave robbery." Yea, you'll want to give it a read.
Personally, I'll read anything called Blackmail, Sex & Corporate Secrets which takes as its subject, Lord John Browne, Baron of Madingley and the former CEO of British Petroleum. So there you go...four arguments for a subscription.
-- MDT
8/16/2007
Lets start with the quick piece on the HP spying lawsuits, a topic discussed in this space only yesterday. As an amusing corollary, there's also this somewhat tongue in cheek guide to surviving corporate spying.
And there is this very interesting story on a couple of hedge fund managers who are currently suing their former law firm, Akin Gump, for what they've come to see as seriously bad advice on what does and does not constitute illegal trading.
For something a little more lo-fi, check out this piece on a Tennessee investiation into graveyard swindlers, Quest Minerals & Exploration who perpetrated "history’s first large-scale white-collar grave robbery." Yea, you'll want to give it a read.
Personally, I'll read anything called Blackmail, Sex & Corporate Secrets which takes as its subject, Lord John Browne, Baron of Madingley and the former CEO of British Petroleum. So there you go...four arguments for a subscription.
-- MDT
Labels: Akin Gump, BP, CondeNast Portfolio, hedge fund, HP, John Browne, Quest Minerals
40 Weeks +3 Days
Still no baby.
Apparently this is normal.
I'll just be over here in the corner in a ball of nerves...
-- MDT
Apparently this is normal.
I'll just be over here in the corner in a ball of nerves...
-- MDT
Labels: baby, freaking out, insane, waiting
Reporters and Family Sue HP in Connection With Company's Spying
In a move that had been expected for some time, several lawsuits alleging "illegal and reprehensible conduct" have been filed against Hewlett Packard as well as the company's former CEO, Patricia Dunn and Kevin Hunsaker, PH's former ethics chief.
These would be the two company executives most closely associated with the hiring of private investigators, who among other things, used pretextual tricks to obtain private phone records of several individuals who HP suspected of facilitating media leaks of sensitive company information.
Amongst the plaintiffs in the five cases are journalists from the Associated Press and CNET. More on the pending cases via MLive. Loads of background on HP corporate spying fiasco is available via the tags below.
-- MDT
8/15/2007
These would be the two company executives most closely associated with the hiring of private investigators, who among other things, used pretextual tricks to obtain private phone records of several individuals who HP suspected of facilitating media leaks of sensitive company information.
Amongst the plaintiffs in the five cases are journalists from the Associated Press and CNET. More on the pending cases via MLive. Loads of background on HP corporate spying fiasco is available via the tags below.
-- MDT
Labels: HP, Kevin Hunsaker, Patricia Dunn, pretexing, Wilson Sonsini
Former KLA General Counsel to Face Backdating Charges
According to Law.com, by September 30 the SEC plans to file stock option backdating-related civil charges against Lisa Berry of KLA in connection with backdating irregularities at KLA-Tencor and Juniper Networks. Berry currently works for Tellme Networks.
For more on the Berry and KLA, check out Law.com.
-- MDT
For more on the Berry and KLA, check out Law.com.
-- MDT
Labels: backdating, Juniper Networks, KLA-Tencor, Lisa Berry, stock options
American Savings Bank Resigns, Federal Investigation Looms
Abel Malczon, the senior vice president of operations for American Savings Bank recent lest his employer of 23 years. In his wake Malczon left a pair of civil suits and a looming federal investigation. Details on Malczon at Pacific Business News.
-- MDT
-- MDT
Labels: Abel Malczon, American Savings Bank, investigation, lawsuit
Jail Day for Sanjay Kumar of CA
Kumar, CA's former CEO, is set to begin serving a 12 year sentence for his part in the company's multi-billion dollar accounting fraud. Kumar previously plead guilty to federal securities fraud, obstruction of justice and conspiracy charges in exchange for a plea agreement. Former VP of sales, Stephen Richards is already serving his sentence and several other guilty pleas have been entered in relation to the case.
Further details on Kumar's sentence at Newsday.
-- MDT
8/14/2007
Further details on Kumar's sentence at Newsday.
-- MDT
Labels: accounting fraud, CA, Sanjay Kumar, Stephen Richard
SEC Pats Self on Back... Viva La Regulacion!
Interesting interview of Marc Fagel, the SEC's San Francisco associate regional director appearing in the Dallas Morning News. Fagel discusses the SEC's current priorities and what they've been doing well in recent months. Check it out.
-- MDT
-- MDT
Siemens Fires Head of Compliance, Bribery Scandal Unabated
The bealeguered Siemens has seen the departure of another high-level executive. Albrecht Schaefer, former head of compliance, and the individual who presided over the firm's ethics regime while the massive bribery took place, has been let go.
The move had been rumored for several weeks in the German press and Debevoise & Plimpton, the law firm drafted by Siemens to manage its internal investigation had also reportedly been pushing for Schaefer's ouster.
For more on the Albrect Schaefer departure, check out The Ethical Corporation.
Meanwhile, the Siemens bribe total keeps getting higher...now topping $1.35 billion. Details on that front here.
-- MDT
The move had been rumored for several weeks in the German press and Debevoise & Plimpton, the law firm drafted by Siemens to manage its internal investigation had also reportedly been pushing for Schaefer's ouster.
For more on the Albrect Schaefer departure, check out The Ethical Corporation.
Meanwhile, the Siemens bribe total keeps getting higher...now topping $1.35 billion. Details on that front here.
-- MDT
Labels: Albrecht Schaefer, bribery, Debvoise and Plimpton, Siemens
Still No Baby
We're at 40 weeks +1 day and we're doing a lot of sitting around and staring at each other. Its kind of like Christmas, if the date was fuzzy and one of the planned activities was major surgery.
We remain excited... distracted, even. So if thinks get slow around here, you know why.
Expectant father,
-- MDT
8/10/2007
We remain excited... distracted, even. So if thinks get slow around here, you know why.
Expectant father,
-- MDT
Labels: baby
The American Lawyer Wonder Where the Security Class Actions Have Gone
Good read from Andrew Longstreth over at Law.com... And for all the current stats on securities litigation, you know you can count on the Stanford Securities Class Action Clearing House.
-- MDT
-- MDT
Labels: class action, Lerach, Milberg, securities
Federal prosecutors Move Against Financial Advisor of Broadcom Co-Founder
Federal prosecutors have moved a step closer to Broadcom co-founder, Henry T. Nicholas III, filing criminal charges against California attorney Craig Steven Gunther, who spent several years managing Nicholas's personal finances.
The Gunther indictment doesn't specifically mention stock option backdating. Early in the year the company made a massive $2.5 billion restatement resulting from backdating irregularities (the original estimate was more like $704 million) and saw its CFO resign as a result of the issues.
More on the Gunther indictment via Reuters.
-- MDT
The Gunther indictment doesn't specifically mention stock option backdating. Early in the year the company made a massive $2.5 billion restatement resulting from backdating irregularities (the original estimate was more like $704 million) and saw its CFO resign as a result of the issues.
More on the Gunther indictment via Reuters.
-- MDT
Labels: backdating, Broadcom, Craig Steven Gunther, Gregory Reyes, Henry Nicholas, stock options
3 Comments.
It's Brocade, not Broadcom, where the former CEO was convicted. In addition, charges haven't been filed against Nicholas, as the LATimes story that you link to makes clear.
Colin is correctomundo.
Impending fatherhood has clouded my mind and dulled my blog-fu. We're due tomorrow so I am fairly well distracted.
I have humbly corrected the above post.
-- MDT
Impending fatherhood has clouded my mind and dulled my blog-fu. We're due tomorrow so I am fairly well distracted.
I have humbly corrected the above post.
-- MDT
Just browsing the internet, You have a very, very interesting blog.
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Spitzer Investigated, The NYT Re-Caps
The Daily Caveat has been waiting for a good opportunity to jump in on the various alleged Spitzer administration-related investigations. I am sure that many - though not I - are currently looking fondly on the former New York Attorney General's misfortune. If you've been as lax in following this stuff as I have, please by all means make use of the New York Times' primer.
-- MDT
8/09/2007
-- MDT
Labels: Bank of New York, Darren Dopp, Eliot Spitzer, investigation, Joseph Bruno, William Howard
SEC Inspector General Steps Down in Wake of Botched Pequot Investigation
Walter J. Stachnik has been inspector general of the SEC since 1989 when the position was first created. Without much warning Stachnik retired late last week.
This timing was interesting given that it coincided with the release of a senate report that was extremely critical of his role in the SEC's mismanaged investigation of suspicious trades at hedge fund Pequot Capital.
Phrases like "not well respected" and "a tool of management, used for retaliatory investigations against disfavored staff" have been referenced in media reports. And senator Arlen Spector said of Stachnik that he could not recall “an I.G. who said less, did less and was thoroughly inadequate in the investigation.”
While the SEC has stated that Stachnik's retirement was planned all along many are reading between the lines given that 1) the SEC hasn't actually announced his retirement ands 2) no replacement is forthcoming.
Get further details on Stachnik via Forbes and to get a look at the full senate report on the Pequot investigation click on the Pequot tag below. The Daily Caveat has you covered.
-- MDT
8/08/2007
This timing was interesting given that it coincided with the release of a senate report that was extremely critical of his role in the SEC's mismanaged investigation of suspicious trades at hedge fund Pequot Capital.
Phrases like "not well respected" and "a tool of management, used for retaliatory investigations against disfavored staff" have been referenced in media reports. And senator Arlen Spector said of Stachnik that he could not recall “an I.G. who said less, did less and was thoroughly inadequate in the investigation.”
While the SEC has stated that Stachnik's retirement was planned all along many are reading between the lines given that 1) the SEC hasn't actually announced his retirement ands 2) no replacement is forthcoming.
Get further details on Stachnik via Forbes and to get a look at the full senate report on the Pequot investigation click on the Pequot tag below. The Daily Caveat has you covered.
-- MDT
Labels: insider trading, Pequot Capital, SEC, Walter Stachnik
Milberg Hearing Sees 3 Counts Dismissed, 20 to Go
Well, mail fraud looks to be out, but on the key question about whether or not the alleged kickbacks did any harm to Milberg's clients, the judge came down in favor the the government's case stating that the harm from these actions was "forseeable" and actual harm need not be proven. More on Milberg at the WSJ law blog.
For additional notes on recent Milberg-related happenings, see Lyle Roberts' 10b-5 Daily, which as you covered.
-- MDT
For additional notes on recent Milberg-related happenings, see Lyle Roberts' 10b-5 Daily, which as you covered.
-- MDT
Labels: kickbacks, Milberg Weiss, Seymour Lazar, Steven Schulman
Brocade Conviction Is First Successful Criminal Prosecution of Stock Option Backdating
Gregory L. Reyes, former CEO Brocade Communications Systems, has achieved the dubious distinction of becoming the first executive to be convicted on criminal charges relating to improper stock option backdating disclosures. Sentencing for Reyes is obviously still to come (Npvember 21, if you are keeping score) but he could face as much as 20 years in prison. While some expressed surprise at the guilty verdict, it can't be a good omen for the 200+ other companies facing similar scrutiny and potential prosecution.
-- MDT
-- MDT
Labels: backdating, Brocade, convicted, Gregory Reyes, stock options
Interfor CEO Claims Conrad Black Hid Millions
Juval Aviv, CEO of investigative firm, Interfor stated in court papers that the recently convicted former newspaper magnate, Lord Conrad Black had spend the last few years squirreling away millions in anticipation of just this sort of unfavorable ruling. According to Aviv, who for the record, Black's attorney refers to as "an utterly untrustworthy source" Black has hidden as much as $40 million, with the most likely repository being Gibraltar. More here.
-- MDT
-- MDT
Labels: Conrad Black, convicted, Gibralter, Interfor, Juval Aviv
UK "Investigative Firm" in Hot Water
A UK based investigative firm is trouble for failing to perform contracted services. According to this press release, Advance AIT Limited and is under investigation by the Companies Investigation Branch of the Insolvency Service. According to the CIB investigation:
-- MDT
8/07/2007
"...Advance AIT relied on misleading promotional material and a false reference from a customer stating that it had recovered the sum of £9,000 for that customer. Advance AIT continued to trade despite being insolvent, to the detriment of customers and other creditors and owed £323,146 to its creditors. During the winding up proceedings the court heard that Advance AIT Limited conducted business in way that was inherently objectionable and detrimental to members of the public."Egads! More here.
-- MDT
Labels: Advanced AIT Limited, Insolvency Service, private investigator, UK
Bayou Hedge Fund Sentencing Update, Also Investor Suit Dismissed
A Bayou-related investor suit filed against Hennessee Group, a financial advisory firm has been dismissed. Hennessee was being sued for breach of fiduciary duty by South Cherry Street, LLC, which on Hennessee's say-so had invested $1.5 million with Bayou.
While proprietors of Hennessee, Lee and her husband Charles Gradante claim to have a thorough five-step due diligence process, the folks at South Cherry Street claimed that this was never conducted in the case of Bayou.
The judge found differently, deciding that Hennessee was just another sucker in a group that included the IRS and the SEC. Ouch...
Also, it appears that Bayou badguys Sam Israel and Daniel Marino will be sentenced for their roll in the hedge fund fraud as soon as September.
Further details on Bayou via Reuters.
-- MDT
8/06/2007
While proprietors of Hennessee, Lee and her husband Charles Gradante claim to have a thorough five-step due diligence process, the folks at South Cherry Street claimed that this was never conducted in the case of Bayou.
The judge found differently, deciding that Hennessee was just another sucker in a group that included the IRS and the SEC. Ouch...
Also, it appears that Bayou badguys Sam Israel and Daniel Marino will be sentenced for their roll in the hedge fund fraud as soon as September.
Further details on Bayou via Reuters.
-- MDT
Labels: Bayou Group, Fraud, hedge fund, Hennessee, South Cherry Street
Business Week Covers Trident Corporate Intelligence
Interesting article here from Business Week concerning Trident Group, a Virginia based corporate investigative firm that focuses on aiding U.S. companies in their business dealings in the former Soviet Union (due diligenc, intellectual property protection, litigation support). Trident Group also has an office in Moscow and both of its locations, as BusinessWeek giddily reports, are stocked with ex-KGB agents. Primarily focuses on the story of Trident President, Yuri A. Koshkin, the article also touches on the broader story of the intelligence community's accelerated move into corporate the corporate sphere. Recommended reading.
-- MDT
-- MDT
Labels: Former Soviet Union, KGB, Prescience, Trident Group
Ideoblog Milberg Paper Gets NYT Coverage
A few weeks back we made reference to an upcoming paper on the Milberg kickback prosecution co-authored by Ideoblog's Karry Ribstein. The Wall Street Journal has a story on the still-to-be published law review article. Details (where else?) at Ideoblog.
-- MDT
-- MDT
Labels: Ideoblog, kickbacks, Milberg Weiss, WSJ
Congress Says SEC Erred in Pequot Investigation
You may recall that one Gary Aguirre was the lead attorney in the investigation of suspicious trades at hedge fund Pequot Capital. In conjunction with his investigation, Aguirre was to interview John Mack, (then prospective and now current) chief executive of Morgan Stanley and a known friend of Arthur Samberg, founder of Pequot.
Under pressure from both Pequot and Morgan Stanley lawyers, SEC higher-ups declared hands-off on Mack. Aguirre pushed the point and was fired. His subsequent whistleblowing resulting in congressional hearings, which have in turn produced a report highly critical of the SEC's conduct in the matter.
The report from the Senate Finance and Judiciary committee supports the contentions of former SEC lawyer, Aguirre that the SEC doesn't treat all potential witnesses the same. Moreover the SEC showed "undue deference" to a Wall Street big-shot and botched what had been a promising investigation.
Get further details on the Pequot report from the New York Times. Also, check out the tags below for mucho background on the Prequot story.
-- MDT
8/03/2007
Under pressure from both Pequot and Morgan Stanley lawyers, SEC higher-ups declared hands-off on Mack. Aguirre pushed the point and was fired. His subsequent whistleblowing resulting in congressional hearings, which have in turn produced a report highly critical of the SEC's conduct in the matter.
The report from the Senate Finance and Judiciary committee supports the contentions of former SEC lawyer, Aguirre that the SEC doesn't treat all potential witnesses the same. Moreover the SEC showed "undue deference" to a Wall Street big-shot and botched what had been a promising investigation.
Get further details on the Pequot report from the New York Times. Also, check out the tags below for mucho background on the Prequot story.
-- MDT
Labels: Arthur Samberg, Gary Aguirre, John Mack, Pequot Capital, SEC
Money Laundering in the UK
We've written a few times in this space about increasing calls for business regulation in the United Kingdom. New regulations approved in the last week have strengthened penalties and oversight relating to money laundering in the UK. These regs come as a response to an EU-wide money laundering directive.
While not everyone is buying the utility of new regulations, the new laws should come as a boon to the corporate investigative set, who will benefit from any new due diligence requirements. The London Stock Exchange discusses this very issue with investigator Kenn Griffiths of Spring Garden Consultancy.
-- MDT
8/01/2007
While not everyone is buying the utility of new regulations, the new laws should come as a boon to the corporate investigative set, who will benefit from any new due diligence requirements. The London Stock Exchange discusses this very issue with investigator Kenn Griffiths of Spring Garden Consultancy.
-- MDT
Labels: money laundering, UK
Fisrt Advantage Still Hiring...
Act now those of you in the Newark area...
-- MDT
-- MDT
Labels: First Advantage, hiring, private investigator
Sowood Capital Management in Trouble
With its assets dropping by half in the last month (and the bad press about losing $350 million of Harvard's money doesn't help) it looks as though most of the assets of hedge fund Sowood Capital will be bought by Citadel Investment Group. Sowood was founded by Jeffrey Larson, former endowment manager at Harvard. After the transition of its portfolio to Citadel, Sowood is expected to close its doors.
-- MDT
-- MDT
Labels: Citadel Investment Group, harvard law school, hedge fund, Jeffery Larson, Sowood Capital
For Once I Agree With Overlawyered...
Ridiculous consumer product lawsuit concerning the iPhone. Even I knew that the iPhone battery was internal and not replaceable by your lonesome. Moreover, I have never, ever replaced a cell phone battery at any time. And probably, neither have most people. This includes my defunct Treo/paperweight.
And the New York Consumer Protection Board is actually looking into this? Seriously people...? Would one of my regular readers in the NYAGs office please go dispense a wedgie or two down at the CPB? Or you could drag them down to Greenpoint and show them what a real consumer problem looks like. Maybe they could go wading in the toxic sludge?
-- MDT
And the New York Consumer Protection Board is actually looking into this? Seriously people...? Would one of my regular readers in the NYAGs office please go dispense a wedgie or two down at the CPB? Or you could drag them down to Greenpoint and show them what a real consumer problem looks like. Maybe they could go wading in the toxic sludge?
-- MDT
Labels: frivolous lawsuits, JesusPhone, Overlawyered
More on the WestLB Dismissals
WestLB, the fifth largest German bank has been going through a bit of a dark period. German financial regulators have charged the bank with rogue trading and local paper have asserted that chairman Thomas R. Fischer and chief risk officer Matthijs van dan Adel altered notes of meetings to conceal the illegal acts which ended up losing the bank millions. Subsequently, due to their role in the cover-up, both Fischer and van dan Adel left / were dismissed from WestLB.
Forbes has further details on how things went down and where WestLB plans to go from here.
-- MDT
Forbes has further details on how things went down and where WestLB plans to go from here.
-- MDT
Labels: Matthijs van dan Adel, rogue trading, Thomas R. Fischer, West LB
Alaskan Senator in the Deep Stuff
Alaskan Senator Ted Stevens is facing an investigation into some ethically challenged practices. The famed congressional pork king, who also happens to have be the longest serving Republican in the Senate had his home raided by FBI and IRS agents.
Steven's financial clerk has also spent time time recently testifying before a grand jury. I imagine that his comments didn't concern parking tickets. Meanwhile, it probably wouldn't shock you to learn that Stevens has vowed to block an upcoming ethic bill?
-- MDT
Steven's financial clerk has also spent time time recently testifying before a grand jury. I imagine that his comments didn't concern parking tickets. Meanwhile, it probably wouldn't shock you to learn that Stevens has vowed to block an upcoming ethic bill?
-- MDT
Labels: corruption, FBI, IRS, Ted Stevens
