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Former UBS trader pleads not guilty in UK court
Court Watch |
2012/01/30 13:13
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A former UBS trader arrested in London on charges of fraud linked with unauthorized trades that cost the Swiss bank more than $2bn pleaded not guilty Monday to the charges against him.
Kweku Adoboli, 31, pleaded not guilty to two counts of fraud and two of false accounting between 2008 and September 2011 at London's Southwark Crown Court.
The trader was arrested on Sept. 14 after on charges of committing fraud that cost the bank over $2 billion.
The incident pushed then-CEO Oswald Gruebel to resign and damaged the bank's efforts to clean up its image after being involved in a United States tax evasion investigation and sustaining huge losses on subprime mortgages during the financial crisis.
City watchdog the Financial Services Authority and its Swiss counterpart have launched an investigation into why UBS failed to spot allegedly fraudulent trading.
Adoboli's case was delayed last year after he replaced his former lawyers at Kingsley Napley law firm with a new team from Bark & Co., which specializes in fraud cases. McCreath set a provisional trial date for September 3 and remanded Adoboli in custody. He said he was willing to hear an application for bail.
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Robbins Geller Rudman & Dowd LLP Files Class Action
Securities Class Action |
2012/01/30 13:13
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Robbins Geller Rudman & Dowd LLP today announced that a class action has been commenced in the United States District Court for the Northern District of Alabama on behalf of purchasers of the common stock of Walter Energy, Inc. between April 20, 2011 and September 21, 2011, inclusive.
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Samuel H. Rudman or David A. Rosenfeld of Robbins Geller at 800/449-4900 or 619/231-1058, or via e-mail at djr@rgrdlaw.com. If you are a member of this class, you can view a copy of the complaint as filed or join this class action online at http://www.rgrdlaw.com/cases/walterenergy/. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The complaint charges Walter and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Walter, through its consolidated subsidiaries, mines and exports hard coking coal for the global steel industry.
The complaint alleges that, during the Class Period, defendants issued materially false and misleading statements regarding the Company’s business and prospects. Specifically, defendants misrepresented and/or failed to disclose the following adverse facts: (i) that the Company was experiencing so-called “squeeze” events in Alabama and lower coal transportation rates in Canada that significantly reduced Walter’s coal production; (ii) that the Company’s commitment to ship more than 700,000 tons of coal in the second quarter at first quarter sales prices would result in a material adverse effect on Walter’s average sales prices and operating results during the second quarter; (iii) that Walter was experiencing a significant decline in its margins and profitability; and (iv) that, based on the foregoing, defendants lacked a reasonable basis for their positive statements about the Company and its business prospects during the Class Period.
On August 3, 2011, Walter issued a press release announcing its operating results for its 2011 fiscal second quarter, the period ended June 30, 2011. For the quarter, the Company announced net income of $107.4 million, or $1.71 per diluted common share, significantly less than Wall Street estimates. Then, On September 21, 2011, Walter issued a press release announcing its attempt to “enhance” its historical statistical disclosure and its revisions to its 2011 second half sales expectations. In response to this announcement, the price of Walter common stock declined from $75.00 per share on September 20, 2011 to $66.25 on September 21, 2011, on extremely heavy trading volume.
Plaintiff seeks to recover damages on behalf of all purchasers of Walter common stock during the Class Period (the “Class”). The plaintiff is represented by Robbins Geller, which has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.
Robbins Geller, a 180-lawyer firm with offices in San Diego, San Francisco, New York, Boca Raton, Washington, D.C., Philadelphia and Atlanta, is active in major litigations pending in federal and state courts throughout the United States and has taken a leading role in many important actions on behalf of defrauded investors, consumers, and companies, as well as victims of human rights violations.
http://www.rgrdlaw.com
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Conviction and sentence upheld in Palin email case
Court Watch |
2012/01/30 03:14
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A federal appeals court panel has upheld the conviction and sentence of a University of Tennessee student in the hacking of Sarah Palin's email in 2008.
The three judge panel in a Monday decision affirmed the conviction of 24-year-old David Kernell. A Knoxville jury last April convicted Kernell of unauthorized access to a protected computer and destroying records to impede a federal investigation.
Kernell's attorney, Wade Davies, contended at trial that Kernell had no criminal intent and that guessing his way into the email account was a prank. Palin was governor of Alaska and John McCain's GOP running mate at the time.
Kernell was released in November after serving less than 11 months.
Davies said he will seek a review by the full U.S. 6th Circuit Court of Appeals. |
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Eugene Criminal Defense - MJM Law Office, P.C.
Attorney News |
2012/01/29 13:13
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MJM Law Office, P.C. was founded to provide clients with quality representation in criminal defense and family law, including matters such as DUI offenses, drug crimes, divorce, and child custody.
Mr. Mizejewski understands that effectively working through the legal system is a challenging process. MJM Law Office, P.C. works closely with clients to understand and resolve their issues, taking the time to listen to and understand each client's unique situation, and explain the available options.
Located in the heart of downtown Eugene, Oregon, MJM Law Office, P.C. focuses on serving clients in Lane County, Oregon. We are in the Lane County Circuit Court on a near daily basis, and are very familiar with the individual judges, district attorneys and court staff.
http://www.mjmlawoffice.com/criminal-law
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Court denies new trial in Wis. mill worker death
Court News |
2012/01/27 09:10
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A Wisconsin appeals court on Thursday denied the request for a new trial made by a man convicted in the grisly 1992 killing of a Green Bay paper mill worker.
Rey Moore, 65, was one of six men convicted of killing their co-worker Tom Monfils. His body was found in a pulp vat at the then-James River Corp. plant in Green Bay with a weight tied around his neck.
Moore's attorney, Byron Lichstein, of the Wisconsin Innocence Project, argued that the conviction should be overturned because of questionable testimony by prison inmate James Gilliam.
He had testified in 1995 that Moore told him he participated in a group beating of Monfils at the mill. But Gilliam later recanted and said Moore told him he actually tried to prevent the beating.
That change in Gilliam's testimony was not allowed at the trial. Lichstein argued that Moore deserved a new trial because that testimony would exonerate him.
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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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