Law Blog
Stay informed of the latest announcements relating to financial fraud law.
Fri, 03/12/2010 - 1:02pm
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Online crime complaints increased substantially once again last year, according to the 2009 annual report from the Internet Crime Complaint Center (IC3), a partnership between the FBI and the National White Collar Crime Center (NW3C). The IC3 received a total of 336,655 complaints, a 22.3 percent increase from 2008. The total loss linked to online fraud was $559.7 million, up from $265 million in 2008.
Fri, 03/12/2010 - 8:51am
The report issued yesterday by the Lehman Brothers bankruptcy examiner, Anton R. Valukas, brings to many people a concept that is not often in the public view: the bankruptcy examiner. Under Bankruptcy Code Section 1106(a)(3), an examiner who is appointed in a chapter 11 bankruptcy case
Fri, 03/12/2010 - 8:33am
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A lot is being written, including here, about the report released yesterday by the examiner for Lehman Brothers, but we’ve found five articles online that we believe do an excellent job in summarizing the key findings and conclusions of the report. They are:
Fri, 03/12/2010 - 8:19am
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On January 29, 2008, Lehman Brothers Holdings Inc. (“LBHI”) reported record revenues of nearly $60 billion and record earnings in excess of $4 billion for its fiscal year ending November 30, 2007.
Fri, 03/12/2010 - 6:30am
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There’s a fascinating story in the paper this morning about a lawsuit against current and former SEC commissioners stemming from the fraud involving CMKM Diamonds. The plaintiffs are seeking $3.87 trillion – plus unspecified punitive damages – and it alleges a vast government conspiracy involving the SEC, the Justice Department and the Department of Homeland Security.
Thu, 03/11/2010 - 2:06pm
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David Loglisci, the former Chief Investment Officer at the Office of the New York State Comptroller (“OSC”), who was indicted last year along with co-defendant Henry “Hank” Morris, has pleaded guilty to a felony for his role in what N.Y. State Attorney General Andrew Cuomo call a “culture of corruption” that permeated the New York State pension fund.
Thu, 03/11/2010 - 2:01pm
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The National Center for Disaster Fraud (“NCDF”) was established by the Department of Justice to investigate, prosecute, and deter fraud in the wake of Hurricane Katrina, when billions of dollars in federal disaster relief poured into the Gulf Coast region. Now, its mission has expanded to include suspected fraud from any natural or manmade disaster.
Thu, 03/11/2010 - 12:00pm
CFTC Chairman Gary Gensler has a very impressive resume: a Goldman Sachs partner at age 30 and thereafter a Treasury Department big whig helping with de-regulation under Secretary Robert Rubin. Now, however, Gensler is a true believer in regulatory reform.
Thu, 03/11/2010 - 8:57am
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The Swiss banking giant HSBC revealed today that a data theft that it said had occurred a few years ago, which it previously said had affected fewer than 10 clients, actually impacted 24,000 accounts – including 15,000 active accounts.
Thu, 03/11/2010 - 8:35am
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Individuals need to be cautious when posting rental properties and real estate online. The Internet Crime Complaint Center (“IC3”), a partnership between the FBI, the National White Collar Crime Center, and the Bureau of Justice Assistance, continues to receive numerous complaints from individuals who have fallen victim to scams involving rentals of apartments and houses, as well as postings of real estate online.
Thu, 03/11/2010 - 6:34am
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Wed, 03/10/2010 - 2:15pm
The Securities and Exchange Commission has obtained an emergency court order to shut down an alleged Ponzi scheme targeting retirees in California and Illinois who are invited to estate planning seminars and later coaxed to buy promissory notes for purported Turkish investments.
Wed, 03/10/2010 - 1:03pm
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The words of the day are: “Payment Recapture Audits.” In remarks today on health care reform in St. Charles, MO, President Obama is discussing the use of such audits as a way to recoup taxpayer dollars lost to fraud and waste.
Wed, 03/10/2010 - 11:13am
Wed, 03/10/2010 - 8:39am
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In anticipation of a hearing scheduled for 2:00 tomorrow afternoon, Lehman Brothers, and its law firm, Weil Gotshal & Manges, have urged the bankruptcy court to make public the investigative report into the events that precipitated Lehman’s downfall that has been prepared by the court-appointed Examiner, Anton R. Valukas. 
