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Court in NYC upholds insider trading conviction
Attorney News |
2013/07/02 10:42
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A stock trader nicknamed "the Octopussy" because he had access to so many sources of inside information was properly convicted and sentenced to 10 years in prison, a federal appeals court concluded Monday.
The 2nd U.S. Circuit Court of Appeals upheld the conviction of Zvi Goffer and two others in a case the government had once touted as the biggest insider trading prosecution in history.
In all, more than two dozen defendants were convicted, including a one-time billionaire whose hedge funds had commanded as much as $7 billion.
The Israeli-born Goffer was convicted with two others in 2011 in a conspiracy to pay bribes to two lawyers at a Manhattan law firm. The government said Goffer and others earned more than $10 million illegally.
Goffer, whose nickname is a reference to a James Bond film, was sentenced to 10 years in prison after prosecutors said he arranged to pay two attorneys nearly $100,000 in 2007 and 2008 for inside tips on mergers and acquisitions. Prosecutors said Goffer's network used prepaid cellphones to avoid detection and destroyed them after each successful tip.
His lawyers challenged his conviction and sentence on several grounds, including that wiretap evidence should have been suppressed, that jury instructions were erroneous and that Goffer was punished for refusing to plead guilty.
A three-judge panel of the Manhattan appeals court noted the novelty of using wiretaps in a securities fraud case as it rejected defense arguments that the law permitting wiretaps does not list securities fraud as an offense for which it can be used. |
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Probe of well-connected truck stop chain may widen
Attorney News |
2013/05/29 10:20
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The federal investigation into the truck stop chain owned by the family of Tennessee Gov. Bill Haslam and Cleveland Browns owner Jimmy Haslam led to its first convictions this week and threatens to widen against employees at Pilot Flying J.
Court documents allege that sales teams were being trained on how to scam the company's customers out of rebates and get away with it.
Pilot's regional sales director and regional accounts representative both pleaded guilty Wednesday to conspiracy to commit mail fraud. The pleas were entered in U.S. District Court in Knoxville. Prosecutors have offered to recommend a much lighter sentence for both employees provided they cooperate with federal investigators and reveal the extent of how many people in the company knew about the fraud.
The Knoxville-based chain is run by CEO Jimmy Haslam, the brother of Tennessee Gov. Bill Haslam. Pilot Flying J, the country's largest diesel retailer with annual revenues of $31 billion, was founded by their father.
Jimmy Haslam has denied any wrongdoing and has suspended several members of the sales team, but he has declined to identify exactly who has been suspended. An affidavit unsealed last month shows that a Pilot employee was secretly recorded saying Jimmy Haslam knew what sales people were doing, though he has denied knowing of any fraud.
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Another blow for state's anti-eavesdropping law
Attorney News |
2012/12/20 23:51
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The U.S. Supreme Court on Monday delivered another blow to a 50-year-old anti-eavesdropping law in Illinois, choosing to let stand a lower court finding that key parts of the hotly debated law run counter to constitutional protections of free speech.
In that critical lower-court ruling in May, the 7th U.S. Circuit Court of Appeals found that the law — one of the toughest of its kind in the country — violates the First Amendment when used against those who record police officers doing their jobs in public.
Civil libertarians say the ability to record helps guard against police abuse. The law's proponents, however, say it protects the privacy rights of officers and civilians, as well as ensures that those wielding recording devices don't interfere with urgent police work.
The Illinois Eavesdropping Act, enacted in 1961, makes it a felony for someone to produce an audio recording of a conversation unless all the parties involved agree. It sets a maximum punishment of 15 years in prison if a law enforcement officer is recorded.
As it drew the ire of civil liberties groups, state legislators endeavored to soften the law earlier this year, but those efforts stalled. The high-court's decision could prompt a renewed push to overhaul it.
But state Rep. Elaine Nekritz, a vocal opponent of the law, said court decisions hitting at its constitutionality could effectively nullify the most contentious aspects of the law and make further legislative action unnecessary. |
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Court grants appeals from 2 people without lawyers
Attorney News |
2012/09/29 16:43
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Well-heeled clients pay tens of thousands of dollars to hit the legal jackpot — Supreme Court review of their appeals. But on Tuesday, the court decided to hear cases filed by two people who couldn't afford or didn't bother to hire an attorney.
One was written in pencil and submitted by an inmate at a federal prison in Pennsylvania. The other was filed by a man with no telephone living on Guam.
Neither case seems destined to join the ranks of Gideon v. Wainwright, the landmark 1960s case filed by a prisoner with no lawyer that established a criminal defendant's right to a lawyer. Both show, however, that when the court is looking to resolve finicky legal issues and the right case shows up, it doesn't matter whether the author of the appeal wears a natty suit or prison garb.
Longtime Supreme Court practitioner Tom Goldstein called the granting of two such lawyerless cases at the same time "unheard of." But both cases chosen by the justices will help resolve the ability of civilians to sue the government over claims of improper actions of federal and military employees on the job.
Kim Lee Millbrook, a prisoner at the federal prison in Lewisburg, Pa., sued the government after accusing prison guards at the Special Management Unit of sexually assaulting him in May 2010. Prison officials said Millbrook's claim was unsubstantiated. |
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Case dropped against NY lawyer in alleged attack
Attorney News |
2012/09/14 12:17
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Charges have been dropped against a prominent New York lawyer who was accused of attacking a woman in a Connecticut restaurant.
The Advocate of Stamford reports that Albert J. Pirro's lawyer said the state indicated it would not prosecute. Charges were dropped in Stamford Superior Court on Tuesday.
A spokesman for the state's attorney's office did not immediately return a call Wednesday.
Police say Pirro grabbed and shook a woman in a Greenwich restaurant last June. He was charged with unlawful restraint and disorderly conduct.
Pirro, a Republican fundraiser, is the estranged husband of Jeanine Pirro, a former Westchester District Attorney who is now a legal analyst with Fox News.
Albert Pirro spent 17 months in prison after being convicted of fraud, tax evasion and other charges in 2000. |
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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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