News & Analysis as of

Wire Fraud

DOJ Settles Follow-On FCPA Case: Transport Logistics Pays $2 Million Penalty

by Michael Volkov on

Last week, the Justice Department announced its first FCPA enforcement action in 2018 – a follow-on settlement from prior FCPA enforcement actions centering on a bribery scheme involving a Russian government official from a...more

Court Ruling Signals Potential Expansion of Civil RICO Liability to Include Automotive Suppliers in Emissions Violations Cases

by Dechert LLP on

A U.S. federal district court, on February 20, 2018, declined to dismiss class plaintiffs’ civil RICO claim against GM and a major automotive supplier, where plaintiffs alleged that GM and the supplier conspired to defraud...more

Two Mortgage Company Executives Plead Guilty to Fraud

by Weiner Brodsky Kider PC on

Two mortgage company senior executives recently pleaded guilty in federal court to wire and bank fraud charges stemming from a scheme in which they conspired to obtain over $8.9 million in warehouse loans from banks by...more

Chris Lazarini Provides Insight on "Remmer Hearing" in Juror Influence Allegations

by Bass, Berry & Sims PLC on

Bass, Berry & Sims attorney Chris Lazarini provided insight on a case in which a former broker sought to overturn a jury verdict finding him guilty of securities fraud, obstruction of justice and wire fraud by arguing, among...more

Red Notice Newsletter - Russian

ANTICORRUPTION DEVELOPMENTS - Mega International Commercial Bank Co. Ltd. Fined $29 Million - On January 17, 2018, the U.S. Federal Reserve Board assessed Taiwan based bank Mega International Commercial Bank Co. Ltd. a...more

Red Notice Newsletter - Chinese

ANTICORRUPTION DEVELOPMENTS - Mega International Commercial Bank Co. Ltd. Fined $29 Million - On January 17, 2018, the U.S. Federal Reserve Board assessed Taiwan based bank Mega International Commercial Bank Co. Ltd. a...more

Red Notice Newsletter - January 2018

ANTICORRUPTION DEVELOPMENTS - Mega International Commercial Bank Co. Ltd. Fined $29 Million - On January 17, 2018, the U.S. Federal Reserve Board assessed Taiwan based bank Mega International Commercial Bank Co. Ltd....more

HSBC Enters Into Deferred Prosecution Agreement To Settle Charges Arising From Traders' Alleged FX Front-Running

by Shearman & Sterling LLP on

On January 18, 2018, HSBC Holdings Plc (“HSBC”) entered into a deferred prosecution agreement with the Department of Justice, Criminal Division, Fraud Section (“DOJ”) pursuant to which it will pay $101.5 million in criminal...more

U.S. Supreme Court To Review Ex-CEO's Appeal Regarding Restitution Of Legal Fees Associated With An Internal Investigation

by Shearman & Sterling LLP on

On January 12, 2018, the Supreme Court granted certiorari to hear an appeal from a two-judge, Fifth Circuit panel decision regarding whether federal law permits restitution orders in criminal cases to cover the costs of...more

NY Fines Money Transfer Company $60M for Lax Controls, Facilitating Suspicious Transaction

by Weiner Brodsky Kider PC on

The New York State Department of Financial Services fined a large money transfer company $60 million for allowing some of its agents to aid in a significant number of money laundering transactions—including payments that...more

The Future of Financial Crime and Enforcement is Cyber-Based

by K&L Gates LLP on

On November 8, 2017, federal prosecutors in the Eastern District of New York indicted Joseph P. Willner—a securities trader from Pennsylvania—for securities fraud, money laundering, and associated conspiracy charges related...more

2017’s Bad Guys in Energy

by Gray Reed & McGraw on

Once again we look back at the continuing cavalcade of crooks, criminals, miscreants and, to put it kindly, morons the less intellectually gifted, who met justice face-to-face in 2017. This year’s class includes a preacher,...more

Second Circuit Remands for New Trial Based on District Court’s Improper Exclusion of Advice-of-Counsel Testimony

In United States v. Scully, 16-3073-cr (Pooler, Lynch, Cogan[1]), the Second Circuit vacated the defendant’s conviction for various offenses, including mail and wire fraud, conspiracy to defraud the United States, the sale of...more

Indictment in $40M Alleged Fraud Case Signals Increased Scrutiny of SDVOSB Government Contractors

by Hogan Lovells on

On December 1, 2017, the U.S. Department of Justice announced the federal grand indictment of an army veteran for allegedly engaging in major government program fraud by using his status as a service-disabled veteran to...more

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

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