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White Collar
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May 07, 2024
Employment Agency Owner Admits Hiding $10M In Income
The owner of a temporary employment agency pled guilty to filing false federal business tax returns to conceal more than $10 million in corporate income, the U.S. Department of Justice announced Tuesday.
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May 07, 2024
Steptoe Adds SEC Enforcement Head From Miller & Chevalier
Steptoe LLP has hired a former Miller & Chevalier Chtd. member, who joins the firm to lead its U.S. Securities and Exchange Commission enforcement practice in the firm's Washington and New York offices.
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May 07, 2024
Russian Charged Over $100M LockBit Ransomware Scheme
Federal prosecutors said Tuesday they have charged a Russian national with founding and heading the prolific ransomware group LockBit, which is accused of stealing more than $100 million from its victims.
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May 07, 2024
Top Dem Cuts Cuellar Slack Not Given Santos, Menendez
House Democratic leadership has continued its defense of Rep. Henry Cuellar, D-Texas, following the recent bribery indictment against him and his wife, saying the situation is different from the indictments last year against Rep. George Santos, R-N.Y., and Sen. Bob Menendez, D-N.J.
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May 07, 2024
Santos Says Feds Overstepped With ID Theft Charge
Former U.S. Rep. George Santos told a Brooklyn federal court that prosecutors used an unconstitutionally vague identity theft statute to charge him with reporting fake fundraising numbers to the Federal Election Commission.
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May 07, 2024
Stormy Daniels Tells NY Jury 'Fear' Drove Hush Money Deal
Adult film star Stormy Daniels detailed for a Manhattan jury on Tuesday how a sexual encounter with Donald Trump in 2006 led to an alleged $130,000 hush money payment in 2016, describing how it was "fear and not money" that led her to make the deal.
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May 07, 2024
Trump's Georgia Charges Unaffected By 1890 Ruling, DA Says
A "historically unique" 19th-century U.S. Supreme Court ruling has zero bearing on Georgia prosecutors' allegations that former President Donald Trump and others filed falsified documents in federal court in a criminal attempt to overturn election results, according to a filing in state court.
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May 07, 2024
Coverage Recap: Day 9 Of Trump's NY Hush Money Trial
Law360 reporters are providing live updates from the Manhattan criminal courthouse as Donald Trump goes on trial for allegedly falsifying business records related to hush money payments to porn star Stormy Daniels ahead of the 2016 election. Here's a recap from day nine.
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May 06, 2024
Autonomy Execs Scrambled To Boost Gross Margin, Jury Told
A former Deloitte auditor testifying in a California criminal trial over claims that ex-Autonomy CEO Michael Lynch conned HP into buying the British software company for an inflated $11.7 billion price confirmed Monday that months before the sale, executives were scrambling to boost their gross margin numbers.
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May 06, 2024
Kwok Ch. 11 Trustee Pounces On Co-Defendant's Guilty Plea
The Chapter 11 trustee seeking to wrangle a company from an individual who allegedly received it from Chinese exile Ho Wan Kwok's former chief of staff Yanping "Yvette" Wang says Wang's guilty plea in New York criminal court negates her attempt to slow-walk a Connecticut bankruptcy court adversary proceeding.
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May 06, 2024
Trump's NY Jury Sees Paper Trail From Alleged Cover-Up
New York prosecutors began the third week of Donald Trump's criminal trial on Monday with a parade of documents demonstrating in minute detail how the former president allegedly misbranded hush money reimbursements as legal fees after the 2016 election.
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May 06, 2024
Asiana Airlines Says $50M Catering Award Can't Be Enforced
South Korea's Asiana Airlines has urged a California federal court not to enforce a $50 million arbitral award issued to a catering company, saying the underlying contract, which guaranteed the caterer "unheard of profits," was only inked in exchange for a bribe paid to its disgraced former chairman.
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May 06, 2024
Alaska Man Gets 2 Years Over 'Bud And Breakfast' Scheme
An Alaska man has been sentenced to two years in prison and will have to pay more than $580,000 in restitution after duping investors into staking a purported plan to build a marijuana-themed hospitality center referred to as a "Bud and Breakfast."
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May 06, 2024
Crypto Platform's Ex-Brass Charged With $783M Fraud
Three former executives behind bankrupt cryptocurrency investment platform Cred Inc. face wire fraud and money laundering charges after they allegedly lied to customers about the firm's lending and investing practices ahead of a collapse prosecutors say wiped out $783 million in customer crypto.
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May 06, 2024
Goldman Objects To 1MDB Suit Class Cert. Recommendation
Goldman Sachs and its former top brass have urged a New York federal judge not to adopt a magistrate judge's recommendation to grant certification to a proposed class of investors claiming losses from the 1MDB bond bribery scandal, saying the magistrate judge erred in concluding that Goldman's stock price was affected by alleged misstatements.
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May 06, 2024
SEC's Grewal Says Self-Reporting Best Bet For No Penalties
Self-reporting is the most important factor that U.S. Securities and Exchange Commission enforcement staff weigh in determining cooperation credit and whether a firm should face a penalty, SEC Enforcement Director Gurbir Grewal said in an interview with Law360.
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May 06, 2024
SEC Hits Investor Group Owner With $2M Fraud Suit
The U.S. Securities and Exchange Commission has filed a suit in Missouri federal court against the owner of a private investor membership group, accusing him of misleading several members to invest around $2 million into a fake investment trading program.
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May 06, 2024
Convicted Ga. Sheriff Hit With Civil Rights Suit From Detainee
Former Georgia Sheriff Victor Hill, who was convicted in 2022 of violating his detainees' civil rights by leaving them strapped to a chair for hours at a time, was hit with a federal lawsuit Friday by an alleged victim of Hill's methods who testified against him in his criminal trial.
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May 06, 2024
Coverage Recap: Day 8 Of Trump's NY Hush Money Trial
Law360 reporters are providing live updates from the Manhattan criminal courthouse as Donald Trump goes on trial for allegedly falsifying business records related to hush money payments ahead of the 2016 election. Here's a recap from day eight.
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May 06, 2024
Truth Social Backer 'Absolutely' Denies Insider Rap To Jury
An investment pro told a Manhattan federal jury Monday that he never tipped Florida speculators to a confidential plan to take former President Donald Trump's media concern Truth Social public, taking the stand to fight insider trading charges against him.
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May 06, 2024
Mentor, Opponent Unite In Praising Detroit's Newest Judge
Both a repeated adversary and early mentor agree: Robert J. White has what it takes to succeed as Detroit's newest federal judge.
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May 06, 2024
NY Judge Resigns After Pleading Guilty To Drug Charge
A central New York justice who recently admitted to possessing and selling cocaine has stepped down from the bench, a state judicial conduct commission announced Monday.
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May 06, 2024
Meet The Attys For NC Insurance Mogul Facing Bribery Retrial
Nearly two years after the Fourth Circuit exonerated Greg E. Lindberg on bribery and wire fraud charges, a team of Katten Muchin Rosenman LLP partners with prosecution experience has joined forces with prominent white collar defense lawyer James F. Wyatt lll in hopes of staving off a second conviction for the embattled insurance tycoon.
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May 06, 2024
SEC Settles Insider Info Charges With CBD Co.'s Ex-Chairman
The U.S. Securities and Exchange Commission has announced a settlement with the former chairman of Neptune Wellness Solutions Inc. to resolve charges that he leaked inside information about the company's then-pending purchase of SugarLeaf Labs Inc. to a friend's wife.
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May 06, 2024
SEC Targets Robinhood's Crypto Unit For Possible Lawsuit
Robinhood Markets Inc. notified investors Monday that the U.S. Securities and Exchange Commission plans to sue its crypto arm for allegedly failing to register as a securities brokerage firm and clearing agency, saying the agency could go as far as demanding that the platform be shut down.
Expert Analysis
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The Corporate Transparency Act Isn't Dead Yet
After an Alabama federal court's ruling last week rendering the Corporate Transparency Act unconstitutional, changes to the law may ultimately be required, but ongoing compliance is still the best course of action for most, says George Singer at Holland & Hart.
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Complying With Enforcers' Ephemeral Messaging Guidance
Given federal antitrust enforcers’ recently issued guidance on ephemeral messaging applications, organizations must take a proactive approach to preserving short-lived communications — or risk criminal obstruction charges and civil discovery sanctions, say attorneys at Manatt.
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New FinCEN Guide Provides Useful BOI Context For Banks
Financial institutions should review a new Financial Crimes Enforcement Network compliance guide for helpful details about how the agency's beneficial ownership information database should be used, though questions remain about the access rule and whether it will truly streamline bank borrowers' Corporate Transparency Act due diligence, says George Singer at Holland & Hart.
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How Firms Can Ensure Associate Gender Parity Lasts
Among associates, women now outnumber men for the first time, but progress toward gender equality at the top of the legal profession remains glacially slow, and firms must implement time-tested solutions to ensure associates’ gender parity lasts throughout their careers, say Kelly Culhane and Nicole Joseph at Culhane Meadows.
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How Echoing Techniques Can Derail Witnesses At Deposition
Before depositions, defense attorneys must prepare witnesses to recognize covert echoing techniques that may be used by opposing counsel to lower their defenses and elicit sensitive information — potentially leading to nuclear settlements and verdicts, say Bill Kanasky and Steve Wood at Courtroom Sciences.
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Opinion
OFAC Should Loosen Restrictions On Arbitration Services
The Office of Foreign Assets Control regulations should be amended so that U.S. persons can provide arbitration services to sanctioned parties — this would help align OFAC policy with broader U.S. arbitration policy, promote efficiency, and effectively address related geopolitical and regulatory challenges, says Javier Coronado Diaz at Diaz Reus.
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7 Common Myths About Lateral Partner Moves
As lateral recruiting remains a key factor for law firm growth, partners considering a lateral move should be aware of a few commonly held myths — some of which contain a kernel of truth, and some of which are flat out wrong, says Dave Maurer at Major Lindsey.
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Series
Cheering In The NFL Makes Me A Better Lawyer
Balancing my time between a BigLaw career and my role as an NFL cheerleader has taught me that pursuing your passions outside of work is not a distraction, but rather an opportunity to harness important skills that can positively affect how you approach work and view success in your career, says Rachel Schuster at Sheppard Mullin.
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Perspectives
Compassionate Release Grants Needed Now More Than Ever
After the U.S. Sentencing Commission's recent expansion of the criteria for determining compassionate release eligibility, courts should grant such motions more frequently in light of the inherently dangerous conditions presented by increasingly understaffed and overpopulated federal prisons, say Alan Ellis and Mark Allenbaugh at the Law Offices of Alan Ellis.
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Communication Is Key As CFPB Updates Appeals Process
Though a recently updated Consumer Financial Protection Bureau rule expands financial institutions' abilities to appeal supervisory decisions, creating strong relationships and open communication channels with CFPB examiners may help resolve disputes faster than the more cumbersome formal process, says Jason McElroy at Saul Ewing.
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Unpacking The New Russia Sanctions And Export Controls
Although geographically broad new prohibitions the U.S., U.K. and EU issued last week are somewhat underwhelming in their efforts to target third-country facilitators of Russia sanctions evasion, companies with exposure to noncompliant jurisdictions should pay close attention to their potential impacts, say attorneys at Shearman.
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Mitigating Whistleblower Risks After High Court UBS Ruling
While it is always good practice for companies to periodically review whistleblower trainings, policies and procedures, the U.S. Supreme Court’s recent whistleblower-friendly ruling in Murray v. UBS Securities helps demonstrate their importance in reducing litigation risk, say attorneys at Arnold & Porter.
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Perspectives
Justices' Double Jeopardy Ruling Preserves Acquittal Sanctity
The U.S. Supreme Court’s unanimous decision last week in McElrath v. Georgia, barring the state from retrying a man acquitted of murder after a so-called repugnant verdict, is significant in the tangled web of double jeopardy jurisprudence for its brief and unequivocal protection of an acquittal’s finality, says Lissa Griffin at Pace Law School.
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Steps For Companies New To Sanctions Compliance
Businesses newly required to implement compliance programs due to the increased breadth of mandatory sanctions and export controls, including 500 additional Russia sanctions announced last Friday, should closely follow the guidance issued by the Office of Foreign Assets Control and other regulators, say Jennifer Schubert and Megan Church at MoloLamken.
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Bank Secrecy Act Lessons For Casinos After DOJ Settlements
The U.S. Department of Justice's recent settlements with the MGM Grand and Cosmopolitan casinos, resolving an investigation into alleged violations of the Bank Secrecy Act, signal a shift in the DOJ's enforcement focus and provide insight into potential pitfalls in anti-money laundering compliance programs, say attorneys at Jenner & Block.