Fraud

Fraud is the making of false representations or engaging in deceptive behavior in order to unlawfully secure financial or personal gain. 
News & Analysis as of

Connecticut District Court Affirms Ruling that Collateral Estoppel Effect of California Judgments for Fraud Established Them as...

Debts based on fraud are not dischargeable in bankruptcy, but to achieve that result the aggrieved creditor must ordinarily commence a non-dischargeability action and prove the fraud. However, when an action for fraud is...more

SEC Alleges Insider Trading by Two Friends in Advance of the Acquisition of The Shaw Group Inc.

On April 3, the Securities and Exchange Commission brought a lawsuit against Walter Wagner and Alexander Osborn, alleging that the two friends realized almost $1 million in profits by illegally trading securities of The Shaw...more

SEC Brings Lawsuit Against Hedge Fund Manager for Defrauding Investors

On April 4, the Securities and Exchange Commission filed a complaint against Matthew D. Sample, founder of hedge fund Lobo Volatility Fund, LLC, for fraudulently raising approximately $1 million from five investors. According...more

Focused on Franchise - April 2014

FRANCHISEE 101: Terminated Franchisee Can Pursue Fraudulent Disclosure Claims - In Solanki v. 7-Eleven, Inc., a U. S. District Court in New York ruled that a terminated 7-Eleven franchisee who decided to purchase a...more

Catholic Priest Permitted To Conceal Non-Privileged Nature Of Defamatory Communication Until Statute Of Limitations Runs

In a recent unanimous decision in Harrington v. Costello, the Massachusetts Supreme Judicial Court (SJC) held that the statute of limitations had run out on a Catholic priest’s defamation claim against his colleague, even...more

Corporate and Financial Weekly Digest - Volume IX, Issue 16

In this issue: - US Court of Appeals for the District of Columbia Circuit Partially Invalidates Conflict Minerals Rule - FINRA Proposes Rule 2081 to Prohibit “Bargained-For” Expungements - SEC Issues FAQs...more

Securities Class Actions at the Supreme Court: Halliburton and the Fraud-on-the-Market Theory

Over the last few years, securities class actions have given rise to several critical questions ripe for U.S. Supreme Court review, including whether the foundation of the fraud-on-the-market theory established more than...more

California Court: Commercial Crime Policy Rescinded Due To Insured’s Material Misrepresentation Concerning Handling of Funds

Kurtz v. Liberty Mutual Insurance Co., et al., Case No. 2:11-cv-7010 (C.D.Cal. April 14, 2014), was an insurance coverage dispute arising out of the downfall of Los Angeles businessman Ezri Namvar who has also been referred...more

Are High Frequency Traders Playing Fast and Loose With the Rules?

When high frequency trading (HFT) first crept into the public consciousness, it related to primarily to the question of whether rapid, computer driven trading posed risks to the safety and stability of the trading markets. ...more

Attorney fees properly discharged under bankruptcy law in family law matter

In Bendetti v. Gunness, 2014 DJDAR 623 (2014), the US Bankruptcy Appellate Panel (“BAP”) for the Ninth Circuit Court of Appeals affirmed the bankruptcy court’s decision. The bankruptcy court ruled that an attorney fee award...more

Privy Council rules on Fairfield

On 16 April 2014, the Privy Council ruled in the claims brought by the liquidators of Fairfield, one of the largest feeder funds into Bernard Madoff’s investment company. The BVI Commercial Court and the Eastern...more

Mitigating Bribery Risks With Financial Controls

Anti-corruption compliance is not as hard as it looks. In fact, by taking a step back, compliance professionals can gain insights. At the direction of compliance professionals, companies like to develop and adopt...more

IRS Issues Warnings about Email and Telephone Tax Scams

As the 2014 tax filing season progresses the Internal Revenue Service has issued warnings to taxpayers about convincing fraudulent email messages and telephone calls seeking payments or personal information that will enable...more

SEC Charges Adviser, Others In Fee Splitting Scheme

A registered investment adviser and its principals were named as Respondents in a proceeding that centers on allegations of undisclosed revenue sharing arrangements, conflict of interest, violations of the custody rule and...more

UK Deferred Prosecution Agreements Code of Practice Published

The Serious Fraud Office has issued a code of practice for deferred prosecution agreements, which are now available as an alternative to conviction for certain white-collar offences in the UK. ...more

T-12 Entertainment Speaks Up in Trademark Complaint Over Use of "I Plead the 5th" Mark

On March 24, 2014, T-12 Entertainment, LLC and Kareem Hawthorne, both of Georgia (collectively, “Plaintiffs”), filed a complaint against Young Kings Enterprises, Inc., Ego Entertainment, LLC., Troy Williams, Anthony Adighibe,...more

Debt Settlement Firm Pleads Guilty In CFPB’s First Criminal Referral

On April 8 the U.S. Attorney for the Southern District of New York announced that a debt settlement company and its owner pled guilty to fraud charges, resolving the first criminal case referred to the DOJ by the CFPB. The...more

University Job Placement Rates Come Under Scrutiny

Higher education institutions face mounting pressure from prospective students, accrediting agencies and financial aid providers to disclose graduates’ job placement rates. Several recent high-profile legal battles have...more

District Court Extends Fifth Circuit’s Naquin Decision to Barge Cleaning/Repair Employee

As previously reported (regarding the Naquin decision), the Fifth Circuit recently expanded the scope of Jones Act seaman status to include a shipyard worker who spent 70% of his time working aboard vessels (usually moored to...more

Outrageous Scams in Financing: Not So Unusual After All

When fundraising, remember—everyone is trying to cheat you. Well, that’s not really true, but it’s obvious that we’d all be skeptical if a foreign “prince” is offering a start-up company several million dollars with...more

HP, Three Subsidiaries Pay $108 Million To Settle FCPA Charges

The Russian, Polish and Mexican subsidiaries of Hewlett-Packard Company resolved criminal FCPA charges with the Department of Justice while the parent corporation settled with the SEC. ZAO Hewlett-Packard A.O., or HP Russia,...more

Lifeline Database Update: NLAD Operational in All States, FCC Announces Success

The FCC’s National Lifeline Accountability Database (“NLAD”) now is operational in all states and has already had a significant impact in reducing waste, fraud, and abuse. The FCC announced today that, so far, the NLAD has...more

Rogue CFO I- Introduction

Small, privately owned corporations deal with all types of challenges: competition, government regulations, recessions, rising cost of benefits for employees —the list is long. But one area that seems to be a persistent...more

Alabama Legislative Update – Sine Die – The 2014 Legislative Session Ends

The Alabama Legislature adjourned sine die on Thursday, April 3, 2014 at 7:30 p.m. In previous years, sessions have ended just minutes before midnight on the 30th legislative day. This year was different. As soon as both...more

Fund Principal Partially Resolves Administrative Charges

A principal of an investment adviser partially settled a previously filed administrative proceeding which centers on claims that he and another Respondent improperly advised their clients to invest in off-shore funds without...more

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