Wire Fraud

News & Analysis as of

I Meant it at the Time: Second Circuit Reverses $1.2BN FIRREA Judgment

It’s hornbook law that a later intentional breach of contract, alone, doesn’t equal promissory fraud. Holding it therefore cannot establish mail or wire fraud, the Second Circuit reversed the Government’s $1.2 Billion FIRREA...more

Pro-Golfer Phil Mickelson Pays $1M to SEC to Settle Civil Insider Trading Claims, But Escapes Criminal Charges in Light of Newman

On Thursday, May 19, 2016, the U.S. Attorney’s Office for the Southern District of New York announced the arrest of renowned sports bettor William “Billy” T. Walters on an alleged years-long insider trading scheme conducted...more

Special Alert: Second Circuit Reverses SDNY Judgment; Rules Fraud Claim Based on Contractual Promise Cannot Support FIRREA...

On May 23, in an opinion delivered by Circuit Judge Richard Wesley, the Second Circuit Court of Appeals reversed the District Court for the Southern District of New York’s (SDNY) July 30, 2014 judgment ordering a bank and its...more

California Man Pleads Guilty to Criminal Charges Relating to HAMP Modification Scheme

On May 4, 2016, the United States Attorney for the Southern District of New York and the Special Inspector General of the Troubled Asset Relief Program (SIGTARP) announced that a California man was found guilty of...more

Supreme Court Hears Oral Argument in McDonnell Public Corruption Case

Last week, United States Supreme Court Justice Stephen Breyer framed the overarching issues facing the Court during oral argument in United States v. McDonnell this way: “One, political figures will not know what...more

Two Federal Courts Uphold Criminal Convictions for Insurance Brokers

Two federal appellate decisions highlight the potential criminal liability for rogue agents. First, in United States v. Binday, the Second Circuit Court of Appeals upheld mail and wire fraud convictions of three individuals...more

Forex Investment Scheme Results in Criminal Charges

Investment fund fraud and Ponzi schemes have become a staple of SEC enforcement. The investment fraud schemes often cross from securities into other areas such as the currency markets. In such instances either the CFTC or the...more

DOJ Takes On Tribal Lending: Inside The Indictments

In recent months, the attention of the tribal lending industry has focused on the Consumer Financial Protection Bureau’s emerging role in regulating short-term loans from sovereign tribal nations, but a new and even more...more

Your daily dose of financial news The Brief – 4.19.16

Oh, Theranos. 2016’s not really your year, is it? Word emerged yesterday that the DOJ and SEC are joining health officials in taking a closer look at the blood-testing company, though details of their investigation are...more

Government Seeks Civil Forfeiture of Funds Stolen in Business E-Mail Fraud

On April 14, 2016, the U.S. Attorney for the Southern District of New York filed a civil forfeiture action seeking to recover nearly $100 million stolen from an unidentified U.S. company through a form of wire fraud or...more

FBI issues another warning of a “dramatic increase” in phishing spoofs of CEOs

We have consistently reported about increased phishing attacks through emails that purport to come from high level executives, including CEOs. According to the FBI, the hackers use sophisticated social engineering to spoof...more

Ninth Circuit Grapples with “Boiler Room” Expert Opinions

Where does lay opinion stop and expert opinion begin? While assessing convictions for wire and mail fraud associated with the defendants’ movie investment schemes, the Ninth Circuit considered this important question in...more

Kickbacks and Commercial Bribery: Another Touchstone to Consider

The latest indictment confirms that fraud and abuse analysis is about more than just the federal and state healthcare anti-kickback statutes. The U.S. Attorney for the Northern District of New Jersey has just charged the 26th...more

SEC-USAO Charge Former Fund Principal With Fraud

A former managing principal of Blackstone Group, and a partner at Park Hill Group which raises capital for private equity, was charged by the SEC and Manhattan U.S. Attorney’s Office with fraud. The charges are based on...more

Your daily dose of financial news The Brief – 3.29.16

Major news for the extended Blackstone & private equity family yesterday, as federal authorities arrested Wall Street exec Andrew Caspersen on charges of securities and wire fraud in what they’re labeling a “’brazen’ scheme...more

DOJ Announces Prison Sentences of Former Derivatives Traders for LIBOR Manipulation

On March 10, the DOJ announced that U.S. District Judge Jed S. Rakoff sentenced two former derivatives traders for a Netherlands-based bank to prison for their roles in a scheme to manipulate the London Interbank Offered...more

Proving “Loss” Under the Economic Espionage Act – Not Always Straightforward

The Obama Administration’s focus on criminal trade secret prosecutions under the Economic Espionage Act (EEA) highlights the legal complexities at the murky intersection between criminal and civil jurisprudence in trade...more

Leader of International Pump-and-Dump Sentenced to 216 Months

The man who orchestrated a large international microcap market manipulation involving at least 34 persons was sentenced to serve 216 months in prison after pleading guilty. Harold Gallison, pleaded guilty to two counts of...more

7th Circuit Grants Partial Reprieve to Trade Secret Thief Who Couldn’t Shoot Straight

Crime Does Not Pay - You have to feel a little sorry for Yihao Pu. Pu was a finance engineer who worked for two companies with proprietary systems for executing high frequency stock trading (HTF). Pu illegally...more

Financial Conduct Authority Bans Trader for LIBOR-Related Misconduct Based on US Criminal Conviction

The Financial Conduct Authority issued a final notice against Michael Rose Curtler prohibiting him from performing any function in relation to any regulated activity carried on by a UK authorized firm. This final notice arose...more

Your daily dose of financial news The Brief – 2.18.16

What’s this? A rally hat trick for Wall Street? Asking for 4 might just be greedy at this point, but Mikey needs a new pair of shoes . . . – WSJ and Bloomberg... Even much-maligned bank stocks were feeling the love...more

Government Charges Five, Including Two Scientists, With Stealing Trade Secrets And Confidential Information From GlaxoSmithKline

On January 20, 2016, the United States Attorney’s Office for the Eastern District of Pennsylvania announced the indictment of five people, including two research scientists at GlaxoSmithKline (“GSK”), on charges of stealing...more

Sophisticated Email Scams Targeting the Real Estate Industry

A sophisticated (and effective) wire-fraud scam targeting real estate (and other) transactions is on the rise, and mostly occurring in the United States....more

Ukranian cyber hacker pleads guilty

Sergei Vovnenko, a Ukranian hacker, pleaded guilty last week in federal court in Newark, New Jersey to aggravated identity theft and conspiracy to commit wire fraud by using more than 13,000 computers to steal log-in...more

Prosecutors Pierce Attorney-Client Privilege in Procurement-Fraud Investigation; Court Orders “Compliance” Advice Of Counsel to Be...

Organizations routinely seek the advice of counsel in complying with the complex, evolving Federal regulatory scheme. But a recent Federal prosecution for government-contracting fraud illuminates the stark difference between...more

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