The Ethical Corporation profiles SFO enforcement chief, Richard Alderman, and a regulatory agency reborn. Although, as the SFO begins to embrace U.S.-style plea bargaining, hasn't the U.S. abandoned these same tactics?

-- MDT

Labels: attorney client privilege, Ethical Corporation, Filip Memo, plea agreement, Richard Alderman, Serious Fraud Office

This has been a long road - a prosecution almost a decade in the making...

Melvyn Weiss, patriarch of securities class action powerhouse, Milberg Weiss, has plead guilty to one count of racketeering in connection with the government investigation into kickbacks meted out to lead plaintiffs in Milberg cases.

Weiss had been scheduled to go to trial in August. According to the terms of his deal with prosecutors, the 72 year old Weiss is expected to serve between 18 and 33 months and pay approximately $10 million in fines and forfeitures. More here, via the WSJ.

Through his legal representatives at Brafman & Associates, Weiss released this statement:

"I deeply regret my conduct and apologize to all those who have been affected, including all of the wonderful and extremely talented lawyers and other employees of the Firm, none of whom had any involvement in any wrongdoing. I believe that it is very important to preserve this unique legal resource for the benefit of victims of wrongdoing affecting the masses, who historically have been under-served in so many ways."

I cut my teeth as an investigator locating witnesses for Milberg cases and despite their obvious and at this point, clearly illegal, overreaching I retain a great deal of sympathy for their role - representing aggrieved shareholders. I've simply see too much of what companies will try to get away with to feel differently.

It is just a shame that Milberg, if in a slightly different context, became exactly the kind of entity they are supposed to protect clients against.

-- MDT

Labels: guilty, Melvyn Weiss, Milberg, Milberg Weiss, plea agreement

Gary Lenz has come to terms with prosecutors on the 32 counts of conspiracy and fraud that he faced, based on his 19 months as an executive an Peregrine Systems. Lenz had already been through one mistrial, with his new court date set for January 29th. No word as of this morning on what his deal entails.

-- MDT

Labels: Gary Lenz, Peregrine Systems, plea agreement

The plea is in.

-- MDT

Labels: Bill Lerach, kickbacks, Milberg, plea agreement

After all this time? Pretty interesting stuff from LA Biz Observed and SignOnSanDiego.

-- MDT

Labels: kickbacks, Milberg, Milberg Weiss, plea agreement, Seymour Lazar

LABizObserved, which I've mentioned before as a blog to watch, has details on a supposed plea agreement that Bill Lerach is said to have been working out with federal prosecutors. Similar insinuations have come from the WSJ alongside the formal announcement of Lerach's August 31st retirement date. That Lerach had been in conversation with prosecutors is not exactly news, but the idea that a plea deal is close to done is certainly interesting stuff. The next few weeks will tell the tale... In the meantime, here's another Lerach retrospective from The UK's Independent.

-- MDT

Labels: Bill Lerach, kickbacks, Lerach, plea agreement