SEC Settles with Citigroup – Public Loses?

In today’s New York Times there is an article by Gretchen Morgenson discussing the failure of the Securities and Exchange Commission to bring charges against persons responsible for financial institution misconduct.  The issue is viewed in the context of a recent settlement. Earlier this month, the Securities and Exchange Commission announced an administrative settlement with […]

Justice Department, Department of Justice, civil settlement, toxic mortgages, Bank of America, BofA, Merrill Lynch, Countrywide Financial

News outlets are reporting that the U.S. Department of Justice and Bank of America are near agreement on a record civil settlement for actions arising out of the toxic mortgages, which significantly contributed to the financial crisis in the last decade.  Reports indicate that BofA will pay between $16 and $17 billion to settle investigations […]

SunTrust Settles Mortgage Based Cases

In the last couple of weeks SunTrust Banks has entered into settlements arising out of its mortgage practices.  In mid June SunTrust reached an agreement with the Department of Justice, 49 states, and the District of Columbia to resolve two major investigations into mortgage related wrongdoing.  The settlement required the payment of approximately $1 billion […]

Corporate Prosecution: Double Standard or Government Weakness

In an interesting article in The New York Times, dated today, writer Jesse Eisinger discusses the Justice Department’s recent efforts to prosecute wrongdoing by large banks.  Specifically, Credit Suisse and BNP Paribas have been charged criminally with violations of federal criminal statutes.  While no large American banks or bankers have been charged since the financial […]

Acquittal in Iranian Trade Restriction Case

I recently won an acquittal in federal court in West Palm Beach, Florida, for a client accused of violating the U.S. restrictions on trade with Iran.  The case was United States v. Patrick Campbell, 13-CR-60245.  The government had charged my client with violation of the trading restrictions with Iran imposed by the United States and […]

Justice Department Moving Cautiously to Charge Large Banks Criminally

Recent reports state that the U.S. Department of Justice is primed to charge two of the world’s largest banks with violations of U.S. criminal law.  News sources have reported that Credit Suisse and BNP Paribas are targets of Justice Department criminal investigations.  Please see the article in The New York Times about the investigations into […]

Supreme Court to Hear Case about Warrantless Searches of Cellphones

Under traditional Fourth Amendment to the United States Constitution juris prudence, law enforcement may conduct a search incident to arrest.  The basis behind this exception to the Fourth Amendment’s warrant requirement is the need to protect police officers and to prevent the destruction of evidence.  The issue is particularly important in the digital age when […]

Is High-Frequency Trading a Crime?

Last Friday, U.S. Attorney General Eric Holder appeared before a congressional hearing and told the congressional representatives that the Justice Department was looking into the practice of high-frequency trading to determine whether the practice violates insider trading laws.  This is an issue that the Securities and Exchange Commission and the Federal Bureau of Investigation are […]

Manhattan District Attorney Keeps Identities of Dewey & LeBoeuf Defendants Sealed

Seven persons associated with the failed law firm of Dewey and Leboeuf have pleaded guilty to charges relating to misstating financial information as the troubled firm approached failure. In an unusual action the New York County District Attorney has not sought to unseal the charging and plea documents. In most cases prosecutors move quickly to […]

Inspector General’s Report Faults DOJ’s Efforts against Mortgage Fraud

If you believe that the U.S. Department of Justice has been lax in its efforts to bring to justice those responsible for the rampant mortgage fraud that greatly contributed to the 2008 financial crisis, you are in good company. The Inspector General for DOJ has issued a report critiquing the Department’s efforts to investigate and […]