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Convicted financier says he can't afford a lawyer
Topics in Legal News |
2012/12/20 14:11
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An Indiana financier and former chief executive of National Lampoon who was convicted of swindling investors out of about $200 million says he can't afford to hire an attorney to handle his appeal.
In federal court documents filed Monday, Timothy Durham said his multimillion-dollar Indianapolis home is in foreclosure and all of his financial assets are tied up bankruptcy proceedings of the companies he used to control.
Durham's home in Fortville, Ind., about 20 miles northeast of Indianapolis, has a $5 million mortgage but a free-market value of only $3 million, according to the documents.
Durham says his only income this year was $6,000 he received as a director of Dallas-based insurer CLST Holdings Inc. He also has stock in CLST and National Lampoon, the documents say.
Durham was sentenced to 50 years in prison last month on securities fraud and other convictions in the collapse of Akron, Ohio-based Fair Finance. He also was ordered to pay $202.8 million in restitution. Durham received credit for $6 million that already has been recovered.
Durham and two business partners were charged with stripping Fair Finance of its assets and using the money to buy mansions, classic cars and other luxury items and to keep another Durham company afloat. The men were convicted of operating an elaborate Ponzi scheme to hide the company's depleted condition from regulators and investors, many of whom were elderly.
Defense lawyers argued that Durham and the others were caught off-guard by the economic crisis of 2008, and bewildered when regulators placed them under more strict scrutiny and investors made a run on the company. |
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Fed. court orders resentencing in Arkansas bombing
Court News |
2012/12/10 15:08
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An Arkansas doctor sentenced to life in prison for a 2009 bombing that nearly killed the head of the state medical board should be resentenced on some convictions, a federal appeals court ruled Thursday.
A jury convicted Randeep Mann, 54, in 2010 of conspiring to use a weapon of mass destruction and other charges. The Feb. 4, 2009, bomb attack took away Dr. Trent Pierce's sense of smell and left him blind in one eye and deaf in one ear.
Mann's attorneys appealed his convictions and sentences, arguing there wasn't enough evidence to convict him.
The 8th U.S. Circuit Court of Appeals said Thursday that Mann shouldn't have received a sentencing enhancement based on allegations that he ordered the assault of an inmate. The panel said the allegation was never brought up in court and was improperly referenced in a pre-sentencing report.
"The only reference in the record to Mann ordering the assault of a federal inmate is contained in a bench conference that occurred at trial between the district judge and the attorneys," the appeals court opinion said. |
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Court date in NY hotel maid's suit vs Strauss-Kahn
Court Watch |
2012/12/04 09:23
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A court date has been set for next week to discuss a New York City hotel maid's sexual assault lawsuit against former International Monetary Fund leader Dominique Strauss-Kahn. Office of Court Administration spokesman David Bookstaver says the hearing will be held 10 a.m. Monday in the Bronx. Strauss-Kahn's lawyers said Friday that the two sides had discussed resolving the case. The suit stems from a May 2011 hotel-suite encounter. The case forced Strauss-Kahn's resignation from the IMF and cut off his potential candidacy for the French presidency. He said whatever happened was consensual. Prosecutors dropped the criminal case, saying the accuser had credibility problems. Nafissatou Diallo (na-fee-SAH'-too dee-AH'-loh) said she was truthful. Her attorney, Kenneth Thompson, declined to comment Tuesday. Strauss-Kahn called her suit defamatory and countersued for $1 million. |
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Lawyer accused of laundering money to request bail
Law Firm News |
2012/11/15 13:26
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A U.S. lawyer who faces charges of laundering more than $600 million for a Mexican drug cartel is scheduled to ask to be released on bail.
Marco Antonio Delgado will have his detention hearing Wednesday in federal court in El Paso, Texas.
Prosecutors say Delgado conspired to launder a cartel's drug profits from July 2007 through December 2008. The indictment doesn't say which cartel.
Delgado is a former Carnegie Mellon University trustee and gave a $250,000 endowment to create a scholarship named after him to assist Hispanic students.
A profile later removed from the university's website says he left his professional duties to work with Mexican president-elect Enrique Pena Nieto. Pena's team denies knowing Delgado. The university says the biographical information was submitted by Delgado. |
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Lawyer for NY man suing Facebook wants out of case
Court News |
2012/11/06 11:10
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The latest lawyer to represent a New York man in what authorities now say is a fraudulent lawsuit against Facebook is seeking to withdraw from the case.
Dean Boland, in a motion filed Tuesday in U.S. District Court in Buffalo, did not publicly say why he wants off Paul Ceglia's case, instead providing the reason in a private document to the judge.
The Lakewood, Ohio, lawyer did say, however, it has nothing to do with any belief that Ceglia engaged in fraud.
Given media coverage of the case, Boland wrote, "it is important to emphasize in the strongest terms possible, that the reasons underlying this request, provided to the court for its review, have nothing to do with any belief by the undersigned that plaintiff is engaged in now or has been engaged in during the past, fraud regarding this case."
Boland is among more than a half dozen lawyers and law firms to have signed on and then withdrawn from Ceglia's 2010 lawsuit. Ceglia claims in the suit that he's entitled to half-ownership of Menlo Park, Calif.-based Facebook based on a 2003 contract with founder Mark Zuckerberg when he was still at Harvard. |
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Investment Fraud Litigation |
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Securities fraud, also known as stock fraud and investment fraud, is a practice that induces investors to make purchase or sale decisions on the basis of false information, frequently resulting in losses, in violation of the securities laws. Securities Arbitration. Generally speaking, securities fraud consists of deceptive practices in the stock and commodity markets, and occurs when investors are enticed to part with their money based on untrue statements.
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The content contained on the web site has been prepared by Securities Law News as a service to the internet community and is not intended to constitute legal advice or a substitute for consultation with a licensed legal professional in a particular case. | Affordable Law Firm Website Design by Law Promo |
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