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 […]

Head of SAC Capital Advisors Invokes Fifth before Grand Jury

Steven A. Cohen head of the giant hedge fund SAC Capital Investors invoked his Fifth Amendment right against self incrimination when called to testify before a federal grand jury in the Southern District of New York.  The grand jury is investigating insider trading allegations at Cohen’s hedge fund.  The United States has already charged an […]

Trial Date Set in History’s Largest Insider Trading Case

Mathew Martoma, former portfolio manager at SAC Capital Advisors is scheduled to begin trial on federal insider trading charges on November 4, 2013, in the United States District Court for the Southern District of New York. The government alleges that Martoma either made or avoided losses totalling $276 million by trading on inside information in […]

11th Circuit Decision re Honest Services Fraud

In United States v. Nelson, 12-11066 (March 13, 2013), the Eleventh Circuit Court of Appeals upheld the wire fraud conviction of a former member of the board of directors of the Jacksonville, Florida, port authority.  The case involved the payment by a port authority vendor to Tony Nelson for his lobbying efforts on behalf of […]