News & Analysis as of

Wire Fraud

Former Municipal Official in the Spotlight as SEC Files Complaint Charging Securities Fraud and DOJ Files Superseding Indictment...

by Bracewell LLP on

On November 21, 2017, the U.S. Securities and Exchange Commission (“SEC”) filed a complaint charging Oyster Bay, New York (the “Town”), along with its former Supervisor and Chief Executive Officer, John Venditto, with...more

Jury Convicts Payday Lender Owner for Allegedly Fraudulent Payday Lending Scheme

by Goodwin on

On November 15, 2017, the U.S. Attorney for the Southern District of New York (“?USAO”) announced that a jury has convicted the owner of an alleged fraudulent lending scheme (the “Defendant”) for one count of conspiracy to...more

Federal jury convicts operator of payday lenders sued by CFPB and FTC

by Ballard Spahr LLP on

Richard Moseley Sr., the operator of a group of interrelated payday lenders, was convicted by a federal jury on all criminal counts in an indictment filed by the Department of Justice, including violating the Racketeer...more

News Flash: Kleptocrats Still Taking Bribe Money With One Hand and Laundering it With the Other

The summer of 2017 saw the U.S. Department of Justice’s docket still teeming with Foreign Corrupt Practices Act (FCPA) cases. In this post, we draw a few lessons from three of them, which bring together three threads that...more

Court Declines to Revisit Reversal of LIBOR Convictions

The Second Circuit has denied the government’s request for rehearing en banc in United States v. Allen, et al. (16-cr-98). In July, a panel of the Court (Cabranes, Pooler, Lynch) vacated the convictions of Anthony Allen and...more

Day Trader Charged in Computer Hacking Scheme

by Dorsey & Whitney LLP on

Two key areas of focus for the SEC are retail investors and cyber. Both of those elements are present in the latest case filed by the U.S. Attorney’s Office for the Eastern District of New York which parallels a previously...more

Hedge Fund Manager Sentenced to Prison

by Dorsey & Whitney LLP on

A claimed hedge fund manager was sentenced to prison after pleading guilty to conspiracy to commit securities and wire fraud. Defendant Nicholas Mitsakos founded Matrix Capital, a California state registered investment fund...more

What the Second Circuit Did and Didn't Tell Us About RICO's Reach

On Oct. 30, 2017, the Second Circuit issued its opinion in Bascuñán v. Elsaca, becoming the first court of appeals to address the requirement that a private claim under the Racketeer Influenced and Corrupt Organizations Act...more

Forex Trader Found Guilty Of Defrauding Client

by Shearman & Sterling LLP on

On October 23, 2017, following a four-week trial in the United States District Court for the Eastern District of New York, Mark Johnson, the former head of a foreign exchange (“forex”) trading desk for a major financial...more

Tenth Circuit Vacates ARB Whistleblower Decision

On October 17, 2017, the Tenth Circuit overturned the ARB’s decision in favor of complainant for want of protected activity under SOX. Dietz v. Cypress Semiconductor Corp., No. 16-9529 (Oct. 17, 2017). This decision rolled...more

Conviction of “Land Man” Affirmed

On October 10, the U.S. Court of Appeals for the Sixth Circuit issued an opinion affirming the conviction of a “land man” for the crimes of conspiracy and mail fraud in connection with a scheme to defraud investors he enticed...more

HSBC Trader Found Guilty in Front Running Scheme

by Dorsey & Whitney LLP on

The former head of global foreign exchange cash trading for HSBC Bank plc was convicted of “front running” in the foreign exchange markets by a jury after a four week trial. A key part of the evidence heard by the jury were...more

U.S. Environmental Protection Agency Office of Criminal Enforcement, Forensics and Training: Environmental Crimes Case Bulletin –...

The United States Environmental Protection Agency (“EPA”) Office of Criminal Enforcement, Forensics and Training publishes an environmental Case Crimes Bulletin (“Bulletin”) that summarizes publicized investigative activity...more

Wire Fraud Scams and Corporate Email Attacks: Beware of Tricks, Not Treats, During Cyber Security Awareness Month

by Nutter McClennen & Fish LLP on

The U.S. Department of Homeland Security named October “National Cyber Security Awareness Month,” and has given it the not-so catchy acronym of NCSAM. Though one might quibble with the choice of name, the many spectacular...more

Former Broker Sentenced in Pay-to-Play Scheme

by Dorsey & Whitney LLP on

The Commission and the Manhattan U.S. Attorney’s Office have brought a number of pay-to-play cases involving pension funds. In one involving the third largest public pension fund in the country uncovered by the SEC, Deborah...more

What Happens to Monetary Penalties When Convicted Defendant Dies with Pending Appeals?

by Charles (Chuck) Rubin on

This was the question in a recent Second Circuit Court of Appeals case. The defendant was convicted of securities fraud, mail and wire fraud and obstruction of justice, and entered into a negotiated guilty plea to criminal...more

Second Circuit Demonstrates the Difficulties in Withdrawing a Guilty Plea and Challenging a Below-Guidelines Sentence

In United States v. Rivernider, 13-4865, the Court (Livingston, J., Lynch, J. and Rakoff, D.J., sitting by designation) affirmed the judgment entered by the United States District Court for the District of Connecticut...more

Skelos Vacated: For The Second Time This Year, Conviction Of Leading New York State Legislator Is Undone Due To McDonnell

The Second Circuit (Winter, Raggi, Hellerstein by designation)yesterday, vacated by summary order the convictions of former New York State Senate Majority Leader Dean Skelos and his son Adam Skelos. Dean and Adam Skelos were...more

Privacy Tip #106 – Online Romance Scams

I haven’t been in the dating scene for decades but I know it sure has changed. Millions of people participate in online dating, and I even know several couples who have found their significant other using online dating...more

A Video Plus a Sinatra Song Attracted Investors for Fraudster

by Dorsey & Whitney LLP on

A Wall Street office; a youtube.com video; Frank Sinatra singing New York New York. These were the keys to building an apparently successful commodity trading business that attracted clients – at least for a while. ...more

DOL Allows SOX Claim Where Foreign Whistleblower Alleged Violation of US Law

The Department of Labor’s Administrative Review Board (ARB) recently held that a former employee of Exelis Systems Corporation who was employed in Afghanistan could bring a SOX claim even though he worked exclusively outside...more

Second Circuit’s ruling in United States v. Allen strikes blow to cross-border enforcement efforts

by Dentons on

The Second Circuit’s recent decision in United States v. Allen has created a potentially serious obstacle to the United States’ cross-border enforcement efforts. The court ruled that the Fifth Amendment prohibits the...more

The World In U.S. Courts - Summer 2017

Bolivarian Republic of Venezuela v. Helmerich & Payne International Drilling Co., US Supreme Court, May 1, 2007 - Plaintiff Helmerich & Payne (H&P), a supplier of drilling equipment, sued Venezuela to obtain compensation...more

Trading in Opaque Markets: Fraud, Materiality and Compliance

by Dorsey & Whitney LLP on

This is the second segment of an occasional series regarding a group of criminal and civil securities fraud actions involving trading in opaque markets and the lessons that can be drawn them; the first segment is...more

Government Dismisses All Charges In Benjamin Wey Securities Fraud Case After U.S. District Judge Suppresses All Evidence Obtained...

by Shearman & Sterling LLP on

On August 8, 2017, the Government moved to dismiss all charges against Benjamin Wey, the CEO of New York Global Group charged with securities fraud, wire fraud, conspiracy, and money laundering. United States District Court...more

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Cybersecurity

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