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hardynwa · 1 year

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APC explains Tinubu’s drug related case to US

APC explains Tinubu’s drug related case to US The ruling All Progressives Congress (APC), on Tuesday, defended the alleged forfeiture of $460,000 by president-elect, Asiwaju Bola Ahmed Tinubu, to the United States of America in 1993, over a drug-related case. The APC while filing its processes to defend the outcome of the presidential election that was held on February 25 at the Presidential Election Petition Court (PEPC), sitting at the Court of Appeal in Abuja, said the forfeited funds which were domiciled in both First Heritage Bank and Citi Bank N. A, were subject to a “civil forfeiture proceeding” in Case No: 93C4483. The ruling party, however, maintained that Tinubu merely surrendered funds in 10 bank accounts that were opened in either his name or that of Compass Finance and Investment Co. According to the party, the purported decision of the United State District Court Northern District of Illinois in the said case was not a fine but a decree of forfeiture of the amount of $460,000 to the United State pursuant to the settlement of claim by the parties to the case, and as such, was no ground to overturn his victory in the poll. “The said decision is not against the 2nd Respondent (Tinubu) but against the funds in the various account opened in the name of Bola Tinubu with First Heritage Bank and City Bank N.A.,” the APC said through its team of lawyers led by Prince Lateef Fagbemi, SAN. “The compromise terms that led to the forfeiture were preceded by express admission on record that the 2nd Respondent did not admit the commission of any drug, drug-related or illicit conduct of dishonesty or fraud that fits into any of the grounds of disqualification to contest for office of president of Nigeria at the 25th February, 2023 general election,” the lawyers insisted. The APC added that the outcome of the inquiry which the Nigerian government made through the Inspector-General of Police, “yielded a clean bill of health that unequivocally and unreservedly cleared 2nd Respondent of any criminal record, interest or association in the United States of America”. “The formal clearance report dated February 4, 2003, under the hand of Legal attaché to the United States Embassy, Nigeria in response to the inquiry by the Inspector General of Police is hereby pleaded and shall be relied upon for its full effect; particularly the portion in the second paragraph which states- ‘In relation to your letter, dated February 3, 2003, reference number SR.3000 /IGP SEC/ABJ/VOL. 24/287, regarding Governor Bola Ahmed Tinubu, a records check of the Federal Bureau of Investigation‘s (FBI) National Crime Information Center (NCIC) was conducted. ‘The results of the checks were negative for any criminal arrest records, wants, or warrants for Bola Ahmed Tinubu (DOB 29 March. 1952). ““Consequently, the American Consulate, Lagos Nigeria revealed that there was no record whatsoever of any criminal arrest, warrants and/or conviction regarding the 2nd Respondent. The Respondent shall find and rely on the letter issued by the Embassy of the United States of America, Nigeria dated 4th February 2003. “Furthermore, the release from forfeiture of other monies in the account the subject of the proceedings in Case No: 93C4483; in excess of one million dollars and for the benefit of the named beneficiary K.O Tinubu though not the account holder, less forfeited sum of $460,000.00 (Four Hundred and Sixty Thousand United States Dollars) is a manifest affirmation that the case was not a criminal trial and the fund forfeited was not a fine imposed as a punishment for a criminal conviction of any person- let alone the 2nd Respondent,” the party added. The ruling All Progressives Congress (APC), on Tuesday, defended the alleged forfeiture of $460,000 by president-elect, Asiwaju Bola Ahmed Tinubu, to the United States of America in 1993, over a drug-related case. The APC while filing its processes to defend the outcome of the presidential election that was held on February 25 at the Presidential Election Petition Court (PEPC), sitting at the Court of Appeal in Abuja, said the forfeited funds which were domiciled in both First Heritage Bank and Citi Bank N. A, were subject to a “civil forfeiture proceeding” in Case No: 93C4483. The ruling party, however, maintained that Tinubu merely surrendered funds in 10 bank accounts that were opened in either his name or that of Compass Finance and Investment Co. According to the party, the purported decision of the United State District Court Northern District of Illinois in the said case was not a fine but a decree of forfeiture of the amount of $460,000 to the United State pursuant to the settlement of claim by the parties to the case, and as such, was no ground to overturn his victory in the poll. “The said decision is not against the 2nd Respondent (Tinubu) but against the funds in the various account opened in the name of Bola Tinubu with First Heritage Bank and City Bank N.A.,” the APC said through its team of lawyers led by Prince Lateef Fagbemi, SAN. “The compromise terms that led to the forfeiture were preceded by express admission on record that the 2nd Respondent did not admit the commission of any drug, drug-related or illicit conduct of dishonesty or fraud that fits into any of the grounds of disqualification to contest for office of president of Nigeria at the 25th February, 2023 general election,” the lawyers insisted. The APC added that the outcome of the inquiry which the Nigerian government made through the Inspector-General of Police, “yielded a clean bill of health that unequivocally and unreservedly cleared 2nd Respondent of any criminal record, interest or association in the United States of America”. “The formal clearance report dated February 4, 2003, under the hand of Legal attaché to the United States Embassy, Nigeria in response to the inquiry by the Inspector General of Police is hereby pleaded and shall be relied upon for its full effect; particularly the portion in the second paragraph which states- ‘In relation to your letter, dated February 3, 2003, reference number SR.3000 /IGP SEC/ABJ/VOL. 24/287, regarding Governor Bola Ahmed Tinubu, a records check of the Federal Bureau of Investigation‘s (FBI) National Crime Information Center (NCIC) was conducted. ‘The results of the checks were negative for any criminal arrest records, wants, or warrants for Bola Ahmed Tinubu (DOB 29 March. 1952). ““Consequently, the American Consulate, Lagos Nigeria revealed that there was no record whatsoever of any criminal arrest, warrants and/or conviction regarding the 2nd Respondent. The Respondent shall find and rely on the letter issued by the Embassy of the United States of America, Nigeria dated 4th February 2003. “Furthermore, the release from forfeiture of other monies in the account the subject of the proceedings in Case No: 93C4483; in excess of one million dollars and for the benefit of the named beneficiary K.O Tinubu though not the account holder, less forfeited sum of $460,000.00 (Four Hundred and Sixty Thousand United States Dollars) is a manifest affirmation that the case was not a criminal trial and the fund forfeited was not a fine imposed as a punishment for a criminal conviction of any person- let alone the 2nd Respondent,” the party added. Read the full article

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mikaelgalindo-blog · 5 years

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Get extra advice on one of the top lawyers

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bragancalawllc-blog · 5 years

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Braganca Law LLC

Lisa recovers investment losses and represents individuals and firms in SEC, state, and FINRA regulatory investigations. Lisa served as a Branch Chief in the Division of Enforcement of the Chicago Office of the Securities & Exchange Commission, where she handled investigations of accounting fraud, Ponzi schemes, insider trading, churning, and unsuitable investments. Since leaving the SEC, Lisa has helped recover millions of dollars in investment losses in court and in FINRA arbitrations.

She has represented individuals and entities in numerous investigations by the SEC and other regulators of cryptocurrencies and token offerings, insider trading, financial fraud by public companies, and other conduct. While at the SEC, Lisa collaborated with the DOJ in investigating $2 billion in losses arising out of subprime auto lender Mercury Finance Company’s cooking the books and investigated Foreign Corrupt Practices Act violations arising out of bribery of Haitian customers officials. Both resulted in criminal convictions of CEOs and other senior executives.

Lisa writes and speaks about elder financial exploitation, securities and cryptocurrency regulation, and recovering investment losses including the following: St. John's Law School Securities Arbitration Clinic (guest lecturer); 2019 Concordia University elder financial abuse program; CBA program, Truth Without Proof - getting blockchain transactions into evidence; co-author of Truth Without Proof article on Law360; Cryptocurrencies and Tokens: What are they and who regulates them, co-author with Lou Straney, PIABA Bar Journal, Vol. 25, No. 1 (2018); PIABA and CBA meetings and programs on cryptocurrency and token regulation, investor protection, and behavioral finance; American Bar Association TechShow 2019 – speaker on cryptocurrency and token regulation; National Association of Elder Law Attorneys (NAELA) training on elder abuse by financial advisors; Chicago Bar Foundation / NITA trial advocacy and deposition skills programs instructor.

Lisa serves as Chair of the CBA Securities Law Committee and is a member of the Women's White Collar Defense Association (WWCDA), the CBA Financial and Emerging Technology Committee, and the Trial Bar of the U.S. District Court for the Northern District of Illinois. She has a B.A. (with honors) and J.D. / M.B.A. (Order of the Coif, honors) from the University of Chicago.

Braganca Law LLC

Address: 230 S Clark St #262, Chicago, IL 60604, USA

Phone: (847) 906-3460

Email: [email protected]

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fsbolegalservicesillinois · 2 years

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Why hire a real estate lawyer before buying a house in Illinois?

One of the most exciting yet stressful experiences one can have is buying a home. After all, it is often where your family will live. As with any large purchase, there are many steps involved when investing in Illinois: property research; determining if they are financially sound (the associated costs), etc., so preparation is key. In each country, the process in which one buys or sells a property is different. In the case of Illinois, the legal process can become very bureaucratic and cumbersome for someone without any experience. It is essential to have a good law firm on your side if you want the purchase or sale of a property to go smoothly and ensure that everything goes according to law. Why is it advisable to hire a real estate lawyer in Illinois? Having a law firm specializing in Illinois real estate contract for sale by owner is the best way to guarantee that your investment is safe and protected. Not only can they investigate any possible defects with the property, but they can also do due diligence to prevent fraud by thoroughly reviewing the documents related to the property before you invest your time or money in it. A law firm primarily focused on real estate could conduct detailed investigations of both physical properties and administrative details that are not visible from an outside perspective, providing valuable protection against fraud. It is important to have a for Sale by Owner Home Lawyer in Illinois with experience in real estate when dealing with the properties. It has been shown that having a real estate lawyer in Illinois is not only one of the most efficient and effective ways to carry out these procedures, but also economically convenient. When you hire the Top real estate attorney in Illinois, you will be able to sleep better at night knowing that your process is in the hands of professionals. You also get legal support for the purchase or sale, so if you need help with real estate in Illinois, don't hesitate to contact us. We are here every step of our journey together, just ask any questions at any time through our contact channels. At FSBO legal Services in Illinois, our professional team has the experience and competence to represent our clients in a variety of legal matters including real estate law, personal injury, employment law, and business law.

#For sale by owner contract in Illinois #Best real estate attorney in Illinois

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dreaminginthedeepsouth · 4 years

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LETTERS FROM AN AMERICAN

February 1, 2021

Heather Cox Richardson

Today’s two big domestic stories are developments that will help to determine the future of our democracy: President Biden’s insistence on a major new coronavirus relief bill and Trump’s role in the January 6 insurrection.

President Biden has proposed a $1.9 trillion economic relief bill, called American Rescue Plan, to get the country over the economic downturn caused by the pandemic. This is a bold move that rests on the idea that the government must help to manage the economy. Republicans abandoned this idea in the 1980s and even today continue to insist that tax cuts and private enterprise are the keys to a secure economy.

But that theory took a beating even among previous adherents under the previous president, as corporate leaders invested money from tax cuts into stock buybacks, driving money upward, and as the administration refused to coordinate a coronavirus response and thus helped to create a disaster that has led more than 440,000 Americans to their deaths. Biden’s attempt to pass a big coronavirus bill that supports ordinary Americans, as well as cities and states, contradicts the Republican orthodoxy that has come to dominate the nation.

Republicans don’t like the plan, and even the Republicans willing to entertain the idea of another relief bill think Biden’s proposed number is far too high. For nearly two hours today, Biden met with ten Republican senators who offered a $618 billion counterproposal. This was Biden’s first meeting with lawmakers of either party, and giving that first meeting to Republicans was a sign that he is willing to entertain good-faith bipartisanship. After the meeting, Senator Susan Collins (R-ME) expressed optimism that the two sides could continue to work together.

But the tide seems to be running away from Republicans toward the Democratic plan. On Friday, a bipartisan group of more than 400 mayors across the country begged Congress to provide aid to cities, aid that is in Biden’s package and not in the plan of the Republican senators. Mayors and governors actually have to make government work and thus are often more practical and less ideological than national lawmakers.

Explicitly calling for Congress to pass Biden’s plan, the mayors noted that “American cities and our essential workers have been serving at the frontlines of the ongoing COVID-19 pandemic for nearly a year” without direct federal assistance. Because cities and states cannot borrow to cover budget shortfalls, they look to the federal government—which can—to tide them over in times of crisis. This time, though, that aid was not forthcoming. Left with no choice, local governments have cut nearly a million local government jobs. Direct, flexible aid to cities will help suffering families and fuel a recovery, the mayors say, as well as enabling cities to vaccinate people. “Your quick action on President Biden’s plan is a crucial step to making meaningful progress in one of the most challenging moments in our country’s history,” the mayors wrote to congressional leadership.

This morning, West Virginia Governor Jim Justice, a Republican, also backed the larger coronavirus package. “I absolutely believe we need to go big…. We need to quit counting the egg-sucking legs on the cows and count the cows and just move. And move forward and move right now.” Justice’s interview on CNN puts pressure on West Virginia Senator Joe Manchin, a Democrat, who has expressed concerns about a big relief package.

Meanwhile, Democratic leaders began the process of advancing the Senate process that will enable the Democrats to pass their own proposal without Republican votes. This process is known as “budget reconciliation,” and it requires only a simple majority to pass. When they were in power, the Republicans used it to advance policies like ending the Affordable Care Act, so the Democrats’ invoking of this rule is not unprecedented.

“Congress has a responsibility to quickly deliver immediate comprehensive relief to the American people hurting from covid-19,” Senate Majority Leader Chuck Schumer (D-NY) and House Speaker Nancy Pelosi (D-CA) said in a statement. “The cost of inaction is high and growing, and the time for decisive action is now.” Later Schumer tweeted: “Treasury Secretary Janet Yellen just told us: ‘The smartest thing we can do is act big.’ And that is just what this Senate is going to do: Act Big.”

Tonight, White House Press Secretary Jen Psaki issued a statement that gave generous credit to the ten Republican senators who offered the counterproposal for “a substantive and productive discussion” and a “shared… desire to get help to the American people, who are suffering through the worst health and economic crisis in a generation.”

But the statement also gave notice to the Republicans that the Democrats were willing to go it alone on a bold package. It noted that Biden had told them Congress must respond “boldly and urgently,” and that their proposal did not address major issues. He told them he is eager to find common ground and to strengthen the measure, but he is willing to pass it with Democratic votes alone if he must. “He reiterated… that he will not slow down work on this urgent crisis response, and will not settle for a package that fails to meet the moment.”

If Biden gets this bill passed and Americans feel that it relieves the economic crunch, it will go a long way toward erasing people’s distrust of government action to regulate the economy.

While the Biden administration moves forward with an aid package, a clearer picture is emerging of the events of January 6, as well as of the road to them. Yesterday, the New York Times published a long exploration of the relationship between the Trump campaign and the January 6 rally that led to the attack on the Capitol; today it published a shorter synopsis of that material. The shorter article, written by Matthew Rosenberg and Jim Rutenberg, began: “For 77 days between the election and the inauguration, President Donald J. Trump attempted to subvert American democracy with a lie about election fraud that he had been grooming for years.”

The picture they paint is of a man who insisted on a lie—that he really won an election he clearly lost—until he found enablers who would agree with him. Key lawmakers, including former Senate Majority Leader Mitch McConnell, indulged the former president because he wanted Trump’s help electing two Republicans to the Senate in the Georgia runoffs. As reality-based Republicans backed away from the challenge to the election outcome, more radical lawyers and financiers stepped in to support the former president.

A coalition put together by activists in a group called Women for America First, funded by Trump advisor Stephen Bannon and the founder of the MyPillow company, Mike Lindell, pressured key senators to contest the election outcome. Women for American First began to organize the January 6 rally, but Trump decided to take it over. Several former members of the Trump campaign and the administration—including the former president-- began to work on the event. They were the ones who added a march from the rally to the Capitol.

The nonpartisan Coup D’état Project at the Cline Center of the University of Illinois, which analyzes and categorizes political violence, last week determined that the storming of the Capitol "was an attempted coup d’état: an organized, illegal attempt to intervene in the presidential transition by displacing the power of the Congress to certify the election.” Its statement about the coup warns that “coups and attempted coups are among the most politically consequential forms of destabilizing events tracked by the Cline Center.”

—-

LETTERS FROM AN AMERICAN

HEATHER COX RICHARDSON

#Letters From An American #Biden Administration #Republican Riots #January 6 2021 #Heather Cox Richardson #COVID stimulus

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savetopnow · 7 years

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2018-03-27 06 NEWS now

NEWS

Associated Press

The Latest: Turkey condemns nerve agent attack

Markets Right Now: Dow surges 669, clawing back lost ground

The Latest: Illinois county sues Facebook for fraud

Russian shopping mall fire kills 64; no alarms reported

AP-NORC Poll: Americans open to Trump's planned NKorea talks

BBC News

'It's embarrassing we're called cheats'

Stormy Daniels - I was threatened over Trump affair

Hundreds of thousands rally for gun control legislation

Spain Catalonia: Protesters clash with police after Puigdemont arrest

Is Turkey going too far to stop migrant boats?

Chicago Tribune

Afghan War veteran arrives in Mexico after deportation

3 men indicted for Razny jewelry store robbery in downtown Hinsdale

2 children die in Gary apartment fire; another child jumps to safety from 4th-story window

Residents have their say on proposed Deerfield assault weapons ban

Man escapes from Porter County Jail, authorities say

LA Times

Speculation blazes in Beijing: Is North Korea's reclusive leader Kim Jong Un in town?

Stocks surge, lifting the Dow 650-plus points, as trade-war fears ease

New England Patriots fly Parkland students and families on team plane to March for Our Lives in Washington

Kate Bosworth, Charli XCX and Anna Kendrick attend Hunter for Target bash

Gina Rodriguez will bring Carmen Sandiego to life for Netflix

NPR News

A Look At Trump's Relationship With His Lawyer Michael Cohen

Are Tariffs The Best Way To Force China To Change Its Ways?

Taxes On Natural Gas Pipelines Can Result In Money Flow For Rural Schools

14 European Countries Expelling Russian Diplomats In Response To Use Of Nerve Agent

Russia Plans To Respond To Its Diplomats Being Expelled Across U.S. And Europe

New York Times

Grocery Wars Turn Small Chains Into Battlefield Casualties

Passenger’s Harness May Have Tripped Switch in Deadly Helicopter Crash

Asia and Australia Edition: Russia, Stormy Daniels, Facebook: Your Tuesday Briefing

Facebook Comes Under F.T.C. Scrutiny as Stock Slides

Op-Ed Contributors: Scott Pruitt’s Attack on Science Would Paralyze the E.P.A.

ProPublica

Here’s One Issue Blue and Red States Agree On: Preventing Deaths of Expectant and New Mothers

Warren Buffett Recommends Investing in Index Funds — But Many of His Employees Don’t Have That Option

Seeing Journalism Make a Difference in Election Results

Cutting ‘Old Heads’ at IBM

How the Crowd Led Us to Investigate IBM

Reddit News

Eagles of Death Metal frontman calls Parkland shooting survivors 'vile abusers'

North Korean train arrives in Beijing under heavy guard, sparking claims Kim Jong-Un on secret China visit

Facebook confirms it records call history, stoking privacy furor

Exclusive: Cambridge Analytica accused of violating US election laws in new legal action

FTC confirms it's investigating Facebook's privacy practices; Facebook stock drops

Reuters

U.S. seeks China trade moves on autos, financials, chips: source

White House disparages porn star's story of Trump affair

Wisconsin teens take anti-gun march to House Speaker Ryan's hometown

U.S., EU to expel more than 100 Russian diplomats over UK nerve attack

Puigdemont arrest leaves Catalan independence movement on the ropes

Reveal News

Nation’s largest janitorial company faces new allegations of rape

A group of janitors started a movement to stop sexual abuse

The Hate Report: How white supremacists recruit online

New documents about Jehovah’s Witnesses’ sex abuse begin to leak out

California is preparing to defend its waters from Trump order

The Altantic

West Virginia's Teachers Are Not Satisfied

This Average Joe Is the Most Quoted Man in News

The Unsinkable Benjamin Netanyahu?

Eric Garcetti Isn't Expecting Much From Washington

The Particular Horror of Church Shootings

The Guardian

Michael Bennett surrenders to authorities over Super Bowl injury charge

Justin Trudeau exonerates six indigenous chiefs who were executed

How rightwingers have attacked Parkland students with lies, hoaxes and smears

French police question teenagers linked to Trèbes gunman

Calls to rein in antibiotic use after study shows 65% increase worldwide

The Independent

Salisbury nerve agent attack: More than 130 people could have been exposed, Theresa May says

Utah passes America's first 'free-range parenting' bill

What is the row over Jeremy Corbyn and antisemitism about?

International reaction to nerve agent attack plunges relationship between Kremlin and the West into crisis

Vote Leave acted illegally during EU referendum, claims whistleblowers' dossier given to election watchdog

The Intercept

A 13-Year-Old Boy and Other Yemeni Civilians Were Killed in U.S. Drone Strikes This Month

ICE Uses Facebook Data to Find and Track Immigrants, Internal Emails Show

How Prosecutors Punish Undeserving People With Plea Deals

Trump Administration Fights Effort to Unionize Uber Drivers

Three Years Into the Yemen War, a Collective of Women Street Artists Cope With the Destruction

The Quartz

Colson Whitehead makes the case for striving to be a fox and not a hedgehog

A lesbian and bisexual women’s health page was removed from a US government website. This is a pattern.

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Louis Vuitton is betting that the future of high fashion is logo tees and sneakers

Now Twitter has joined Facebook and Google in banning crypto ads

Wall Street Journal

U.S., Allies Expel Scores of Russians Over Poisoning of Ex-Spy in U.K.

How a Tiny Latvian Bank Became a Haven for the World's Dirty Money

Italy's Berlusconi Ordered to Stand Trial for Alleged Bribery

Trade Deal Eases Way for U.S., South Korea to Collaborate on North Korea

EU Seeks to Preserve Migration Pact With Turkey Despite Fraying Ties

#news

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ericfruits · 6 years

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Burger King Fraud Leads To Proposed Disbarment

An Illinois Hearing Board has proposed disbarment

The Administrator filed a two-count Complaint against Respondent alleging that he was involved in a scheme to defraud professional athletes by misrepresenting the terms of a property investment. Count I charged that he assisted a client in conduct he knew was fraudulent, made false statements to third persons, failed to disclose a material fact when disclosure was necessary to avoid assisting a criminal or fraudulent act, and engaged in dishonest conduct. In Count II Respondent was charged with engaging in a criminal act which reflected adversely on his honesty, trustworthiness or fitness as a lawyer.

The Hearing Board found that the Administrator proved the misconduct charged in both counts. After considering aggravating and mitigating factors, the Hearing Board recommended that Respondent be disbarred.

The attorney

Respondent has been licensed to practice law in Illinois since 2006 and is also licensed to practice in Michigan. In 2007 he became a licensed contract advisor for the National Football League (NFL) and in that capacity negotiates contracts on behalf of NFL athletes. In 2013 and 2014 he was of counsel to Bryant Legal Services. Currently, Respondent is a sole practitioner who divides his time between practicing law, with a focus on civil litigation and contract matters, and working as a sports agent. (Tr. 28-33, 177-78).

The fraud

The Administrator charged Respondent with violating Rule 1.2(d) by conduct including:

participating in discussions with Vaccaro and the informant about offering an investment deal to their professional athlete clients which concealed the true terms of the purchase of the Burger King franchises (including the ownership and purchase price of the franchises) from their clients;

agreeing to do the legal work to effectuate the scheme;

telling the informant to misrepresent the purchase price and ownership of the franchises to investors;

telling Pennebaker that the purchase price of the franchises was $37 million, and Respondent did not have an interest in the deal; and

telling Pennebaker and the other FBI agent that another investor group would own the remaining 50% of the franchises.

We find Respondent engaged in each of the foregoing acts and by doing so, assisted clients Vaccaro and Crafton in furthering a fraudulent scheme. Fraud encompasses a broad range of human behavior, including "anything calculated to deceive . . . whether it be by direct falsehood or by innuendo, by speech or by silence, by word of mouth or by look or gesture." In re Armentrout, 99 Ill. 2d 242, 251, 457 N.E.2d 1262 (1983).

Pennebaker's testimony, as well as the recordings that were presented to us, showed that the three individuals plotted, as a group, to present a financial transaction in a way that would conceal the benefit they would personally realize from the transaction. That benefit was twofold. First, they intended to collect $20 million for the purchase of a group of properties that cost only $16 million, and then divide the remaining $4 million between themselves. Second, they planned to take a 50% ownership stake in the properties without making any financial investment whatsoever. Their financial benefit and interest in the transaction would not be disclosed to the investors. As we saw from Respondent's September 19th telephone call with Pennebaker, Respondent represented that the purchase price was $37 million, which was more than twice the price he had discussed with Vaccaro and Crafton. Further, he falsely stated that a New York group was investing funds for the other one-half ownership, and he would have no ownership interest in the properties. In reality, the second group would be Respondent, Vaccaro and Porter, but their identities would be concealed by layers of LLCs. Respondent's representations to Pennebaker were contrary to the facts set forth in Respondent's discussions with Vaccaro and Crafton.

We recognize the investors were not misinformed as to their rate of return, and because the deal was never consummated, no one suffered a financial loss. The absence of an actual loss, however, does not erase the misconduct that occurred. By participating in crafting a deal with secret terms, presenting the deal to a potential investor without disclosing those terms, advising Crafton to misrepresent information, and making affirmative false statements regarding the investment, Respondent assisted in perpetrating a fraud.

We reject Respondent's claim that he did not knowingly commit any misconduct. Pennebaker's testimony, as well as the recordings, show that Respondent knew the actual terms of the proposed transaction and yet misrepresented those terms and advised Crafton to do the same. Further, Respondent's claim that he was merely repeating information given to him by Vaccaro carries little weight in light of his role as the attorney structuring the deal. If the valuations for the properties were constantly changing, as he maintained, he had an obligation to ferret out the truth before passing information to potential investors. Further, we view Respondent's lack of recall of key conversations, his vague testimony, and his portrayal of himself as a victim as nothing more than attempts to disguise his own involvement in the scheme. All in all, we did not find him to be a credible witness. By contrast, we regarded Mark Pennebaker as a reliable and objective witness who testified with precision and clarity.

Respondent had many opportunities to disagree with proposals made by Vaccaro and Crafton, to advise them to take a different course, or at least withdraw from representation and from the deal, but he did not do so. Instead, he became an active participant and took actions in furtherance of the scheme. Therefore we find that he engaged in misconduct in violation of Rule 1.2(d).

He accepted a federal deferred prosecution agreement but

The evidence in this case showed, and Respondent admitted in the deferred prosecution agreement, that he knew of the scheme to misrepresent parts of the Burger King transaction, he failed to report it to a judge or other proper authority, and therefore he helped to conceal a felony. With respect to concealment, we find Respondent took affirmative steps to cover up the illegal scheme by directing Crafton not to disclose relevant information to investors and by making false statements to Pennebaker. The foregoing facts establish the elements of misprision.

Sanction

We conclude that Respondent's fraudulent conduct was more serious than that in cases where a lengthy suspension was imposed. Indeed, this is one of the most egregious abuses of the position of an attorney as a trusted advisor that we have seen. In consideration of the misconduct, the aggravating factors and the fact the public needs to be protected from an attorney who preys on unsuspecting and trusting investors and is willing to misrepresent any fact to enrich himself, we conclude that disbarment is the appropriate sanction. The mitigating circumstances in this case are not strong enough to dissuade us from that view.

(Mike Frisch)

https://lawprofessors.typepad.com/legal_profession/2019/01/an-illinois-hearing-board-has-proposed-disbarment-the-administrator-filed-a-two-count-complaint-against-respondent-alleging.html

#IFTTT #Feedly

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golicit · 5 years

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Guest Post: Securities Class Period Selection Deserves Greater Scrutiny

Nessim Mezrahi

The length of the class period is one of the most significant variables in defining the make-up of the plaintiff class in securities class action litigation. As discussed in the following guest post from Nessim Mezrahi, the length of the class period not only affects the aggregate damages of the class but it also could be a key factor in the selection of the lead plaintiff. As a result, Mezrahi suggests, the length of the class period is a consideration that deserves greater attention. Mezrahi is cofounder and CEO of SAR, a securities class action data analytics and software company. A version of this article previously was published on Law 360. I would like to thank Nessim for allowing me to publish his article on this site. I welcome guest post submissions from responsible authors on topics of interest to this blog’s readers. Please contact me directly if you would like to submit a guest post. Here is Nessim’s article.

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The class period interval in securities class actions that allege violations of the federal securities laws under Section 10(b) and 20(a) of the Securities Exchange Act of 1934 is the second most fundamental determinant of the magnitude of potential aggregate — or classwide — damages.

Undoubtedly, the first is the number of shares of common stock sold by participants in the market in response to an alleged corrective disclosure that is alleged to be related to a specific misstatement or omission disseminated by directors and officers.

The length of the class period not only affects the magnitude of potential aggregate damages, but is also a key factor affecting the selection of the proposed lead plaintiff that may represent a purported class of defrauded shareholders.

The federal court system has established specific lead plaintiff selection criteria that incentivize plaintiffs’ attorneys to claim alleged artificial inflationary periods that are aligned with the maximization of their clients’ losses in order to participate in potential rewards of successful securities class action litigation, which have become significant.[1]

U.S. District Judge Robert M. Dow Jr. wrote in an Oct. 9 memo in Timber Hill LLC v. The Kraft Heinz Co. et al. in the U.S. District Court for the Northern District of Illinois:

Most courts consider: “(1) the total number of shares purchased during the class period; (2) the net shares purchases during the class period (in other words, the difference between the number of shares purchased and the number of shares sold during the class period); (3) the net funds expended during the class period (in other words, the difference between the amount spent to purchase shares and the amount received for the sale of shares during the class period); and (4) the approximate losses suffered.” … While courts differ on the precise weight to apply to each factor, most courts agree that the fourth factor—the approximate losses suffered—is the most salient factor in selecting the lead plaintiff.[2]

Based on the court’s implied emphasis on the fourth factor, some competing plaintiff firms may prioritize the selection of a class period interval that is based on the timing of when purchases and sales of their clients’ shares occurred in relation to the final corrective disclosure. “For the purpose of calculating losses in determining the proper lead plaintiff in securities class actions, the courts use the most inclusive Class Period,” Dow said.[3]

Because of the court’s emphasis on selecting a lead plaintiff with the greatest losses, class period interval determination by plaintiffs counsel may be unrelated to the timing of when the alleged fraud actually began. The start date of the class period is a key driver that is regularly used by plaintiffs to top the podium at the lead plaintiff contest.

Lead plaintiff competitions are not a race to the courthouse or a test of the fittest. They have become a race where the winner represents the biggest loser. Because of the court’s emphasis on proposed lead plaintiffs losses, the competition does not necessarily test which firm has applied the most rigorous and robust investigation of alleged malfeasance by directors and officers. The barriers to filing a securities class action for alleged Exchange Act violations have been lowered, and this presents greater risks for directors and officers of publicly traded companies.

Less established securities plaintiff firms have strong incentives to select a class period start date that fits with the potential clients that would yield them the greatest amount of alleged losses regardless of the strength of their internal investigation, if any. Established firms on the other hand, expend greater resources and engage in robust investigatory efforts with qualified in-house professionals that can attain indicative evidence of when a potential alleged violation of the federal securities laws began to take place.

An over-inclusive class period that backtracks through years of quarterly reporting periods will not only make scienter and loss causation allegations much harder to prove if a class is certified, but it may also artificially inflate potential classwide damages by attempting to allege that the fraud began much sooner than realistically possible.

Backtracking a class period start date over years of quarterly reporting periods without rigorous and verifiable investigatory work is akin to what fraud investigator Harry Markopolos attempted by alleging that a decade-long fraud was manifested by dozens of directors and officers across the globe at General Electric Co.[4]

The class period time frame is a powerful lever controlled by plaintiffs attorneys from the start of the action. This lever has a measurable and material effect on exposure, liability, potential damages, settlement ranges, shareholder recovery, defense fees and plaintiffs counsel award.

For example, in the securities class action In re General Electric Securities Litigation, the first complaint alleged that directors and officers began to misrepresent certain information related to the H-class gas turbine on Oct. 12, 2018.[5] The claim originally alleged a 2 1/2- week class period with a single corrective disclosure, leading to a claimed exposure of $8.5 billion.

The first amended complaint subsequently claimed that the alleged fraud began almost three years ago, on Dec. 4, 2017. The amended claim alleged at least eight corrective disclosures that yield a claimed exposure of $33.2 billion.[6] In other words, during the pleading stages of the litigation — prior to the motion to dismiss — alleged exposure in this claim has increased by 290%.

A similar scenario is now playing out the Phillip Morris International Inc. Securities Litigation.[7] The first complaint alleged that directors and officers misrepresented information to investors during a two-month period starting on Feb. 8, 2018, with an initial exposure estimated at $24.6 billion stemming from a single alleged corrective disclosure.

In the current operative complaint, the plaintiffs’ counsel has expanded the class period by two years, and increased the number of alleged corrective disclosures to three. These changes have driven exposure up by 43% to $35.2 billion, while the class period end date remains the same.[8]

Initial exposure against these two corporate staples of the U.S. economy amounted to $33.1 billion. According to amended allegations, claimed Exchange Act exposure now amounts to $68.4 billion.

Today, insurers of directors and officers face the gargantuan hurdle of controlling significant cost outlays and potential losses given the incentives of securities class action plaintiff and defense attorneys. Plaintiffs attorney awards are based on a percentage of the settlement amount, and legal defense fees are determined based on the complexity of the case.

Lawyers on both sides stand to attain significant economic benefits from exceedingly long class periods. Insurers can begin to control litigation costs by pressing counsel on poorly supported class period start dates in securities class actions that allege violations of the Exchange Act.

It is evident that directors and officers of publicly traded companies are operating under an increasingly challenging risk environment.[9] Primary carriers are suffering significant margin compression from unforeseen macroeconomic factors and multiforum Exchange Act and Securities Act class action litigation.

Carrier profitability has decreased given the significant rise in claim severity across the property and casualty market. “The key driver of severity in excess liability claims is the courtroom, where large corporations are often the targets of higher-than-normal awards, in part due to the influence of younger generations on juries who tend to support bigger judgments,” according to Alicja Grzadkowska at Insurance Business magazine[10]

The current low-yield environment has also forced the costs of reinsurance capital to increase. “Big losses from 2017 and 2018, increased primary insurance rates in the United States and elsewhere, increased demand for reinsurance and low interest rates suppressing investment income all factor into what are expected to be modest average reinsurance rate hikes,” according to Gavin Souter at Business Insurance.[11]

It has now become necessary for all professional executive liability practitioners — underwriters, claims professionals, brokers, agents and risk management professionals — to focus on being better informed and more knowledgeable about exposures in order to keep directors and officers apprised of changes in claim severity stemming from securities class actions.

Insurers of directors and officers are well served by tracking and evaluating changes in class period intervals to track claim severity throughout the securities class action litigation life cycle.

Aggregate damages and defense costs are correlated with the length of the operative class period due to the hourly billing structure of the legal profession. A claim with a longer class period creates a greater exposure and requires significantly greater resources to defend given the length of time that spans between the alleged misstatements and the corresponding alleged corrective disclosures.

The greater the interval between the alleged misstatements or omissions and the alleged corrective disclosures, the more costly testing the relatedness among them becomes.

Severing the link of relatedness is one sure way of limiting severity to reduce costs of defending securities class action claims.

_______________________________

Nessim Mezrahi is co-founder and CEO of SAR LLC, a securities class action data analytics software company.

The opinions expressed are those of the author(s) and do not necessarily reflect the views of the firm, its clients, or Portfolio Media Inc., or any of its or their respective affiliates. This article is for general information purposes and is not intended to be and should not be taken as legal advice.

________________________

[1] In Khunt v. Alibaba Group Holding Limited et al.

[2] Timber Hill LLC v. The Kraft Heinz Company et al.

[3] Ibid.

[4] “GE shares fall on Madoff whistleblower calling its finances a fraud,” Reuters, Aug. 15, 2019 https://uk.reuters.com/article/us-ge-accounts/ge-shares-fall-on-report-that-cash- situation-worse-than-thought-idUKKCN1V519M.

[5] In re General Electric Securities.

[6] SAR SCA Claims Database.

[7] In Re Phillip Morris International Inc. Securities.

[8] SAR SCA Claims Database.

[9] “Risks facing directors and officers,” Financier Worldwide, October 2019, https://www.financierworldwide.com/roundtable-risks-facing-directors-officers- oct19#.XayBCndFxPZ.

[10] “Rise in claims severity puts a heavy burden on the insurance industry,” Insurance Business Magazine, June 28, 2019 https://www.insurancebusinessmag.com/us/news/breaking-news/rise-in-claims- severity-puts-a-heavy-burden-on-the-insurance-industry-171353.aspx.

[11] “Reinsurance buyers set to face more rate increases,” Business Insurance, Sept. 09, 2019 https://www.businessinsurance.com/article/20190909/NEWS06/912330567/Reinsuran ce-buyers-set-to-face-more-rate-increases.

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jetcolor3-blog · 5 years

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The view from D.C.

While much of the buzz around the National Association of Realtors’ Legislative Meetings revolved around the fact that President Donald Trump would be the first sitting president to accept the organization’s invitation to address members in their annual pilgrimage to the nation’s capital since George W. Bush in 2006, there’s plenty of news to uncover in this five-day conference.

Setting priorities

Every year at the event, colloquially known as Midyear, NAR sends members and local government affairs directors to meet with their representatives on the Hill to lobby for change, usually with a list of talking points that are important on a national level. This year, three topics topped the list of legislative priorities: flood insurance, opportunity zones and fair housing.

While NAR is most concerned with extending the National Flood Insurance Program’s reauthorization so that transactions aren’t delayed or canceled in flood zones when it expires on May 31, the group is also seeking a longer-term solution and reforms to strengthen the solvency of the program overall.

There were a number of delays in finalizing the rules around Opportunity Zones, an investment incentive created as part of the 2017 tax reform bill, not the least of which was a historic government shutdown. While the Treasury Department released the first detailed look into regulations around the new program last month, they’re still not finalized. And yet, if people who are interested in realizing the benefits of this program haven’t invested by the end of 2019, they are not going to get the full set of benefits, at least under current rules. NAR is requesting an extension of this deadline to account for the delays.

The organization also instructed members to ask their representatives in Congress to support H.R. 5, a bill that passed a full House vote during the conference and is designed to extend Fair Housing rights to the LGBTQ community. The association noted that it’s been ten years since it amended its code of ethics to require members offer equal service regardless of sexual orientation and would like to see federal laws follow suit.

A local flair

Of course, Chicagoland real estate professionals were on hand to speak their minds about these issues and many others. Michelle Mills Clement, CEO of the Chicago Association of Realtors, said she was humbled by the efforts of members who made the trip to Washington. “Our Realtors made every moment count. They met with policymakers, sought counsel from NAR representatives, asked tough questions and strengthened talking points,” she said. “These are the people who are helping to uphold Chicago as the world-class city that it is.”

As a federal political coordinator, Dream Town Realty’s Nykea Pippion McGriff is one of 535 association liaisons acting to connect members of Congress with the Realtor community. In addition to meeting with Rep. Bobby Rush (D-IL) at Midyear, McGriff is also expected to offer issue updates to the longtime congressman of the state’s first district on a quarterly basis. While it may sound difficult to get the ears of politicians on the national level, McGriff said Realtors come prepared with anecdotes about how policies are impacting homeowners and real estate transactions: “Legislators are happy to meet with us. They are happy that we have specific stories to share that help them tie legislative items to the constituent realities.”

Aside from the national priorities, McGriff said one pressing issue for Chicagoland real estate professionals is the conversation about state and local tax, or SALT, deductions. “It was brought up in almost every meeting I attended. We made sure our legislators know that the current structure does not work for the people of Illinois,” she said.

The future of the FHFA

One much-anticipated meeting at Midyear was with newly appointed Federal Housing Finance Agency Director Mark Calabria. Many have been nervous about Calabria’s criticism of the government’s role in housing finance, especially since the administration announced plans to end conservatorship of government-sponsored entities Fannie Mae and Freddie Mac. Calabria told Midyear attendees that his intention is to “level the playing field to where all large financial institutions have similar capital.” This will ensure the GSEs “have a good business model because they have good management and good execution — not because they have lower standards than everyone else,” he said.

Calabria also assured the group that he has no plans to change loan limits during his tenure at FHFA and underlined support for the 30-year mortgage, an institutional lending tool of which he has been critical in the past.

The session gave NAR an opportunity to highlight its housing finance reform plan, which proposes transitioning Fannie Mae and Freddie Mac into private, shareholder-owned utilities that would continue to purchase, guarantee and securitize single-family and multifamily mortgage loans.

Associations and health insurance

Executives with NAR and a number of local Realtor associations met with White House officials to advocate for the expansion of Association Healthcare Plans. Earlier this month, NAR sent a letter to Attorney General William Barr requesting the Justice Department better secure national access to AHPs, clear up misconceptions about how they’re applied and defend the Department of Labor’s authority in the matter.

Currently a patchwork of AHP eligibility exists across the country. Some states are enacting local legislation, issuing guidance on the matter or simply conforming with the new Department of Labor rule, but others have conflicting laws or guidance, or are part of a lawsuit to overturn the rule, currently in circuit court. In Illinois, many are allowed to participate in fully insured AHPs and large group plans. This means that Illinois will continue to conform to the Department of Labor regulations until the 2020 open enrollment period. As long as the regulations are upheld by the circuit court, Illinois will continue to follow them, but if they’re overturned by the circuit court, Illinois will either have to stop allowing AHPs or enact statewide legislation to permit such coverage.

What’s keeping NAR lawyers up at night

In a legal briefing for members, Lesley Muchow, NAR vice president and deputy general counsel, told attendees about a number of court happenings that may bear on the business of real estate professionals. She noted a 177 percent increase in litigation around the accessibility of websites under the Americans With Disabilities Act from 2017 to 2018, for example. The Department of Justice has issued a number of consent decrees that make it clear businesses must comply with the government’s Web Content Accessibility Guidelines. Muchow suggested Realtors, associations and multiple listing service providers have their sites audited and inquire with vendors about making any necessary updates to avoid being sued.

Also, wire fraud is still a vexing problem for the legal and real estate communities. “From 2015 to 2017, there was a 1,100 percent rise in the number of victims in the real estate industry and an almost 2,200 percent rise in reported monetary loss. The monetary loss in the real estate industry is reported by the FBI to be the largest,” Muchow told attendees. She noted that a case in Kansas last year resulted in a listing broker being found to be 85 percent liable for a buyer’s losses from a wire fraud scam, and having to pay a judgment of $167,129. Quick action is essential in these cases; if reported within 24 hours, “there is some chance the financial institution and the FBI will be able to work together and stop the wire and recover the funds,” Muchow said.

Source: https://chicagoagentmagazine.com/2019/05/22/the-view-from-d-c/

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weedconsortium2 · 5 years

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Looks like they don’t intend to do things by half…….

Their Press Release

Sheppard Mullin Launches Cannabis Industry Team

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Cross-practice Group Brings Together Firmwide Experience to Support the Fast-Growing Cannabis Industry

June 4, 2019

Sheppard, Mullin, Richter & Hampton LLP is pleased to announce the launch of a new Cannabis Industry Team. Currently, the team is comprised of more than 70 attorneys from 12 of the firm’s offices.

“With worldwide legal cannabis spending at more than $12 billion in 2018 and projected to grow to almost $17 billion in 2019, now more than ever cannabis industry businesses need good, sound, experienced legal advice,” said Sheppard Mullin partner Whitney Hodges, leader of the firm’s Cannabis Industry Team. “Sheppard Mullin’s Cannabis Industry Team provides a one-stop shop for clients and is ready to tackle even the most daunting challenges our cannabis clients face. Our team monitors notable industry trends and legislative developments to provide timely guidance to clients seeking to navigate the maze of often-conflicting federal, state and local laws and regulations governing cannabis.”

Added Sheppard Mullin managing partner Robert Beall, “Two-thirds of the states and the District of Columbia now permit recreational or medical cannabis use in some form, so cannabis businesses often have trouble finding well-versed lawyers with mainstream law firms to represent them. Our breadth and depth of experience makes us ideally poised to fill that void.”

Some of Sheppard Mullin’s cannabis industry clients include MassRoots, JoshD Farms, Uniqorn Capital Investments, Mextraction LLC, and Cannelure Partners LLC. The firm currently has more than 40 active clients in the cannabis industry.

About Sheppard Mullin’s Cannabis Industry Team

Sheppard Mullin’s Cannabis team, led by San Diego partner Whitney Hodges and Los Angeles associate Sarah Blitz, helps cannabis and ancillary businesses, including hemp CBD-based or infused products companies, with a wide array of issues attendant to legal cannabis business activities, including regulatory compliance, raising and deploying capital, banking and finance, accounting control and anti-money laundering compliance, real estate development and leasing, litigation, intellectual property, public company representation and SEC filings, land use and zoning, investigations and taxation. In addition to advising participants in the medical and adult-use marijuana industries, as the industry has grown, Sheppard Mullin attorneys experienced in cannabis-related issues frequently advise clients in other sectors whose businesses intersect with the cannabis industry, including real estate development, banking and financing, insurance and employment.

Co Team Leaders are

https://www.sheppardmullin.com/sblitz

Sarah Blitz is an associate in the Business Trial Practice Group in the firm’s Los Angeles office. She is the leader of the firm’s Cannabis industry team and a member of the firm’s Food and Beverage industry and Product Liability teams.

Areas of Practice

Sarah specializes in commercial and business litigation. Her practice entails matters in state and federal court, including business torts, products liability, professional liability, breach of contract, breach of fiduciary duties and allegations of unfair business practice and fraud.

Sarah also advises cannabis companies and ancillary businesses on regulatory compliance. She also counsels consumer products manufacturers and distributors on products liability and regulatory compliance issues. Sarah also provides regulatory and product liability advice during acquisitions of consumer product and materials companies.

Sarah is experienced in all aspects of California and federal civil procedure, including motion practice, arguing motions in court, taking and defending depositions, trial and alternative dispute resolution proceedings. She also has significant appellate and writ experience before the California Court of Appeal.

Activities

Outside the firm, Sarah is involved with the Alliance of Moms. She formerly served on the Advisory Council for City Scholars Foundation. Sarah is also active with the Anti-Defamation League and a participant in the Glass Leadership Institute.

https://www.sheppardmullin.com/whodges

Whitney Hodges is a partner in the Real Estate, Land Use and Natural Resources Practice Group in the firm’s San Diego office. She is the leader of the firm’s Cannabis Industry Team and serves on the firm’s Diversity and Inclusion Committee, Pro Bono Committee, Recruiting Committee, Energy Team, Multi-Family Team and Latin Business Team.

Areas of Practice

Whitney’s practice focuses on the representation of clients involved in real estate development. She advises and represents major residential, industrial, commercial and mixed-use development projects, as well as Native American Indian tribes and renewable energy developers through all phases of the land use regulatory process and environmental compliance. Her land use experience includes real estate due diligence investigations, negotiating and drafting development agreements, processing land use entitlements, advising tribal governments on environmental and natural resources law, and appearing before governmental agencies and commissions. She also represents developers and management in traditional labor law issues, including union negotiations. Whitney also advises cannabis companies and ancillary businesses on state and local regulatory compliance and.

Real Estate Development

Real estate development has grown increasingly complex and controversial requiring knowledge of applicable federal, state and local laws, as well as the ability to work with a wide range of diverse interests including governmental agency staff, elected officials, landowners, environmental organizations and citizen groups. Whitney’s ability to work with such diverse interests to develop creative, practical and economical solutions is demonstrated by her involvement in the successful approval and permitting of multiple residential, commercial, industrial and mix-used developments during the past several years. Current projects include redevelopment, infill and mixed-use developments throughout southern California, including San Diego, Los Angeles and Riverside counties.

Environmental Compliance

Whitney has assisted public and private sector clients in obtaining permits and approvals from various federal agencies, and has successfully guided clients through the maze of federal, state and local environmental clearances necessary for development including the requirements of the National Environmental Policy Act (NEPA), California Environmental Quality Act (CEQA), California Fish and Game Code, Subdivision Map Act, California Community Redevelopment Law (including associated dissolution legislation and successor statutes), California Coastal Act, Clean Water Act, Endangered Species Act, California Superfund Law, Tribal-State Compacts, and Multiple Species Conservation Programs (MSCP).

Whitney also has significant experience in working closely with clients and consultants on due diligence review of land use issues, which includes local zoning ordinances, general plans, redevelopment agency plans, and related land use restrictions. Her working knowledge of environmental constraints and the development process proves invaluable when investigating the potential purchase of real estate and the subsequent preparation of acquisition documents.

Litigation

An experienced litigator, Whitney has handled actions involving development disputes, environmental compliance, real estate transactions, and union disputes. She has represented developers in complex civil litigation and defended challenges to development approvals.

Whitney serves as general counsel for the San Diego Humane Society and is a registered lobbyist with the City of San Diego, the County of San Diego, San Diego Regional Airport Authority, the San Diego Port Authority and the City of Los Angeles. Additionally, Whitney also is a committed pro bono attorney and, in 2016, she was honored with the firm’s Bob Gerber Pro Bono Attorney of the Year Award in recognition of her commitment to volunteering legal services to those in need.

The Bloomberg report ………

The California-founded firm said on Tuesday it would launch a team of 70 attorneys from 12 offices focused on the cannabis industry, which one of the firm’s partners said will account for $12 billion in global spending in 2018.

Illinois last week became the 11th state to decriminalize marijuana and the first to make the sale of recreational marijuana legal via the state legislature, according to the National Conference of State Legislatures. It remains illegal under federal law.

At least a dozen other Big Law firms market cannabis practices, including Duane Morris, Fox Rothschild, Seyfarth Shaw, Akerman, Dorsey & Whitney, Goodwin Procter.

Some Big Law partners also have profited from investing in the industry. A trio of Polsinelli partners left the firm in 2015 to launch a medical marijuana company that was sold last year for $682 million.

For its part, Sheppard Mullin said it advises more than 40 clients active in the cannabis industry, including MassRoots, JoshD Farms, Uniqorn Capital Investments, Mextraction LLC, and Cannelure Partners LLC.

The Sheppard Mullin team, led by San Diego-based partner Whitney Hodges and Los Angeles-based associate Sarah Blitz, advises clients on issues related to regulatory compliance, capital raising, banking and finance, accounting control and anti-money laundering compliance, among other areas. The firm also advises business such as banks that do business with cannabis industry clients.

Hodges, a real estate and land use partner, made her first foray into cannabis law by writing an article in January regarding the legal concerns for landowners renting to businesses in the cannabis industry.

Sheppard Mullin’s management debated the idea of marketing a cannabis practice for “many months if not years,” Hodges said. One factor that she said may have swayed them: U.S. Attorney General Bill Barr’s more relaxed stance toward prosecuting cannabis crimes compared to his predecessor Jeff Sessions.

“All of the people in the [Trump] administration will agree [cannabis] is federally illegal, but Sessions was adamant he would go after cannabis cultivation and processing and Barr has not articulated the same point,” Hodges said. “He is not as vehement in the prosecution as Sessions presented.”

The firm’s cannabis-focused attorneys have provided counsel for clients on issues including real estate, intellectual property and regulatory developments. The Food and Drug Administration, for example, held hearings last week on regulating CBD, a cannibis product formally known as Cannabidiol, which has proliferated in products ranging from pain relievers to dog treats.

“Cannabis businesses often have trouble finding well-versed lawyers with mainstream law firms to represent them,” said Sheppard Mullin managing partner Robert Beall. “Our breadth and depth of experience makes us ideally poised to fill that void.”

Source . https://news.bloomberglaw.com/us-law-week/sheppard-mullin-latest-big-law-firm-to-launch-cannabis-practice

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securitieslitgtr · 5 years

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Future Income Payments Lawsuit Securities Fraud

If you invested in Future Income Payments (“FIP”), the securities attorneys at Peiffer Wolf Carr & Kane, APLC may be able to help you recover any losses. If you were advised to invest in FIP, we are investigating claims against the sales agents that sold and/or recommended FIP “investments.

According to FIP’s website, they claim to be “the industry leader and an innovator in buying and selling secondary market pension cash flows, often referred to as Structured Cash Flows.” However, state officials in multiple states have issued cease and desist orders, accusing FIP of issuing loans without a license and disguising them in “sales agreements.” Now, multiple state regulators have agreed that FIP’s pension sales are actually loans.

The state of New York shut down FIP for “fraudulent and illegal practices.” Additionally, New York fined FIP for $500,000, ordered FIP to cease operations and repay collected interest charges for allegedly “operating illegally in the state” and charging customers up to 183% interest. Additionally, since being shut down in California, Future Income Payments (FIP, LLC) now operates out of Nevada.

Peiffer Wolf Carr & Kane is currently investigating claims for anyone who has invested in Future Income Payments (FIP, LLC). If you or someone you know invested in a Structured Cash Flow like Future Income Payments, Contact Us Today by calling 585-310-5140 or by filling out an online Contact Form for a FREE Consultation. Concerns about possible broker misconduct and investment fraud are serious, and we are committed to fighting on behalf of investors.

Lawsuits Mount Against FIP for Illegal High-Interest Loan Scheme

Embattled Future Income Payments, LLC continues to be sued for an illegal high-interest loan scheme that targeted the pensions of retired veterans and public servants.

Future Income Payments (“FIP”) targeted pensioners — often elderly veterans with military pensions and public servants with pensions — with illegal loans disguised as “sales” that could provide purchasers with a quick lump sum of cash, according to one lawsuit.

In most cases, pensioners thought they were making a sale of a portion of their pension, which is an asset, in a one-time transaction. As it turned out, it was a loan against the pension with payback “interest rates that were sky high,” said Michael Kelly, spokesman for the Virginia Office of the Attorney General.

The high-interest loans carried rates as high as 183 percent,

which far exceeds the applicable 12 percent annual interest cap mandated by State law, according to one complaint. Thus, it is alleged that FIP engaged in lending practices that violated State Consumer Protection Acts.

“These companies and their owner took advantage of [consumers] who earned their pensions through years of dedication to our nation’s armed forces and as civil servants,” one Attorney General said in a statement. “We’re going to do everything we can to get veterans and other retirees their money back, and to wipe out the debt remaining on any illegal loans.”

These men and women served (our country), and they deserve better than to have their life savings drained by an illegal, but cleverly disguised, predatory loan.

“There was No Guarantee Purchaser would Receive All Payments” – FIP’s CEO

According to Future Income Payments (“FIP”) CEO, Scott Kohn, “FIP is in the process of agreeing to cease and desist orders or has already entered cease and desist orders in the States listed below. The terms of these settlements place a ceiling on the amount FIP can collect.”

States/Jurisdictions Where FIP Entered into Cease and Desist Orders

Washington

California

Colorado

Iowa

Indiana

North Carolina

New York

Massachusetts

Pennsylvania

States/Jurisdictions with Pending Agency Action or Investigation

Oregon

Nevada

Minnesota

Wisconsin

Illinois

Michigan

Tennessee

Alabama

Georgia

Virginia

West Virginia

Connecticut

South Carolina

Maryland

Pennsylvania

California

“As a reminder, Purchaser understood and acknowledged that there were multiple risks associated with the purchase of the Purchased Asset. These risks included, FIP being unable to continue collections, breach, bankruptcy, obligator failure, prohibition of law, characterization of sale transactions as loans. There was no guarantee Purchaser would receive all payments,” Kohn said.

FREE Consultation | 585-310-5140

Structured Cash Flows | Investment Fraud

Structured Cash Flows, or Pension Viaticals, are recommended and promoted to investors as being preferable to traditional life settlements. The sales pitch is that Structured Cash Flows investors begin to receive a return on their investment prior to the death of the seller.

With the purchase of a structured settlement, investors pay a lump sum in exchange for the assignment of the right to collect payments due to the seller under a pension, disability plan, or other employee and government benefit programs. Thus, the investor plans to receive continued payments for the life of the seller, the seller gets an upfront lump sum payment, and the middleman (FIP) gets a fee on the transaction.

Most pension plans are subject to the Employee Retirement Income Security Act of 1974 (ERISA). ERISA is the federal law that sets the standards and regulates pension plans. However, this federal law prohibits many pensions and benefits from being assigned.

Therefore, many of the sellers of pension plans receive the lump sum and continue to collect the pension payments, claiming that the agreement with the investor violates ERISA. However, the middleman (FIP) still gets the upfront fee and the investor is left holding the bag.

Attorney Generals Suing Future Income Payments

Multiple Attorney Generals from around the country are suing Future Income Payments LLC (“FIP”), a Nevada company, alleging that it targeted elderly veterans and retired civil servants in a scheme that masquerades high-interest predatory loans as “pension sales,” according to one lawsuit filed in Virginia’s Hampton Circuit Court.

These lawsuits seek relief for “some of the most vulnerable” consumers who were “forced by financial distress to take out a loan.” Those people have been solicited by FIP since at least June 2011.

Many of the lawsuits also name FIP owner Scott Kohn individually. These lawsuits allege that FIP violated state and federal consumer protection laws while using language misrepresenting its actions to disguise its tactics.

In one exhibit, a veteran agreed to “purchase,” or borrow, $5,500 – which included a $300 “set up” fee. In return, the veteran agreed to “sell,” or repay, $682 monthly for five years. In total, the veteran agreed to repay FIP $35,420 for a loan of $5,200, for an annual percentage rate of 137 percent. Many states have an APR interest cap on installment loans of 12 percent.

FIP has faced scrutiny and multiple lawsuits in the past. However, it appears that FIP’s conduct has continued over the years.

FREE Consultation | 585-310-5140

If you believe you were a victim of predatory lending, investment fraud, or broker misconduct, it is imperative to take action. Peiffer Wolf Carr & Kane has represented thousands of victims, and we remain committed to fighting on behalf of investors.

Contact Peiffer Wolf Carr & Kane today by filling out a Contact Form on our website or by calling 585-310-5140 to schedule a FREE Case Evaluation.

from Investment Fraud Lawyers | Investor Loss Recovery https://securitieslitigators.com/future-income-payments-lawsuit-securities-fraud/

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knowfederallaw-blog · 6 years

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A Look at Federal & State Criminal Law

Prosecution happens at both the national and the state levels and so a federal offense is one that is prosecuted under national criminal law and not under state criminal law under which almost all of the offenses perpetrated in the United States are prosecuted. Federal crimes typically involve national government agencies like the United States DEA, FBI, Bureau of Alcohol, Tobacco, and Firearms (ATF), the DHS, then the IRS, the U.S. Border Patrol, the United States Secret Service, or perhaps possibly the USA Postal Service. There is a network of 12 circuits in the Federal court system, located throughout the U.S. Each circuit has a headquarters along with a number of smaller district courts located close in proximity. U.S. Court of Appeals, District of Columbia Circuit (Washington, DC) U.S. District Court, District of Columbia- Washington, DC U.S. Court of Appeals, First Circuit (Boston, Massachusetts) Example: U.S. District Court, District of Puerto Rico- Hato Rey, PR U.S. Court of Appeals, 2nd Circuit (New York, New York) Example: U.S. District Court, Western District of New York- Buffalo, NY U.S. Court of Appeals, Third Circuit (Philadelphia, Pennsylvania) Example: U.S. District Court, Eastern District of Pennsylvania- Philadelphia, PA U.S. Court of Appeals, Fourth Circuit (Richmond, Virginia) Example: U.S. District Court, Western District of North Carolina- Charlotte, NC U.S. Court of Appeals, Fifth Circuit (New Orleans, LA) Example: U.S. District Court, Eastern District of Louisiana- New Orleans, LA U.S. Court of Appeals, Sixth Circuit (Cincinnati, Ohio) Example: U.S. District Court, Northern District of Ohio- Cleveland, OH U.S. Court of Appeals, 7th Circuit (Chicago, Illinois) Example: U.S. District Court, Central District of Illinois- Springfield, IL U.S. Court of Appeals, 8th Circuit (St. Louis, Missouri) Example: U.S. District Court, Western District of Missouri- Kansas City, MO U.S. Court of Appeals, Ninth Circuit (San Francisco, CA) Example: U.S. District Court, District of the Northern Mariana Islands- Saipan, MP U.S. Court of Appeals, Tenth Circuit (Denver, Colorado) Example: U.S. District Court, District of Colorado- Denver, CO U.S. Court of Appeals, 11th Circuit (Atlanta, GA) Example: U.S. District Court, Northern District of Alabama- Birmingham, AL Common Federal offenses can include: Narcotics trafficking Crimes affiliated immigration Crimes that relate to weapons charges Gang activities White-collar crime Computer-related crime and fraud Grounds to Entrust a Federal Criminal Defense Law Firm The federal criminal justice system in the U.S. isn't designed for people to represent themselves. If you have been arrested, you want an experienced federal criminal lawyer to stand up for your rights, fight back against overzealous police officers, and obtain the best result possible. Get in touch with a criminal attorney to find out more. Such is 1 reason for an attorney. You do not need to wander aimlessly at any point during the legal system with no guide. Getting lost in a mess of laws and questionable convictions is not just scary but can set the rest of your life in jeopardy. The future of your life ought never to be a piece of leverage when you are facing time in court. The state court and federal court have been two completely distinct strategies -- with different courthouses and judges. Federal judges will preside over national criminal cases, while elected state court judges preside over state criminal circumstances. Assistant U.S. Attorneys litigate federal instances, whilst country district attorneys and city attorneys insure country offenses. Criminal defense attorneys are the very best investment to make seeing the case investigation. Not only do they know the ins and outs of their legal system, however, they are able to look at your situation with fresh and unbiased eyes. They also spend their lives working to defend you and your nearest and dearest from unnecessary convictions. It is their fire to keep others from a consequence too harsh for the offense. A trusted attorney is not only able to help you with your situation but in addition, uses their trained intellect to discover difficulties with the prosecution. Just because somebody was arrested on suspicion for a crime doesn't signify that the supposed victims are not to blame in some way too. Every case is different, and small details can function to sufficiently swerve a court ruling. Nobody wants to take much more of a punishment that is adequate for the crime. Typically, a subject is greeted with a personal sense of pity and guilt, rather than with an excited and greedy attitude. So then, the question would be: why would so many folks put off finding a criminal defense attorney? With no lawyer that knows a case, how then can anyone keep from unnecessary fees? Having a significant amount of people arrested yearly for an entire slew of criminal offenses, it will become simple to bulge into one class: guilty. This is not accurate a sizable amount of the moment. The press and common culture like to consider from the stunning, and therefore it becomes hard to slough off the word when in a courtroom. A defense lawyer knows the issue society induces and believes in your innocence. Individuals commonly misinterpret the idea that they need to employ an attorney only when they've been arrested or charged with a violation. This, however, is completely a farce. 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Court Cases Answered with a Federal Criminal Defense Lawyers might be: Sexual Assault Attempted Homicide and Conspiracy to Enact Killing Monetary Fraud Bankruptcy Fraud Graft Conspiracy Embezzlement Extortions Extortionate Extensions and Collections of Credit Federal Bank Stealing Weapons Charges Use or Carrying Guns Relation to a Crime of Violence or Drug Selling Crime Confiscation Proceedings Counterfeiting Harboring a Fugitive Health Care Corruption Hobbs Act Extortion, Robbery and Public Corruption Kidnap Loansharking Mail Fraud and Electronic Making Specious Statements Misprision of a Felony Mortgage Fraud Financial Laundering Drug Charges Obstruction of Justice Lying Under Oath Public Corruption RICO Stock Market Fraud Sexual Abuse of Minors Stalking Tax Cheating Theft of Government Property Unlawful Hiring of Aliens Are you familiar with the Sanctions for national criminals? Another major gap between national crimes vs. state offenses is the required sentence. The Federal justices have been instructed by federal sentencing requirements when administering a conviction punishment. Mandatory minimum sentencing indicates that federal sentences tend to be a lot more lengthy than state sentences. Even when their offenses are similar, a person being stranded for a national offense will generally face a far more unpleasant punishment than someone that has been convicted of a state crime. There is a large system of federal prisons throughout the United States of America. You may reside at any of them depending on a number of factors. If you have psychological or physical medical problems, you will probably go to a Federal Medical Center like MCFP in Springfield, Missouri. MCFP is a typical name for the U.S. Medical Center for Federal Prisoners. The facilities where phrases are carried out disagree, too. People sentenced to take some time to get a national crime will be sent to federal prison, while people who serve time for a country crime is going to soon be mailed to state prison. Federal prisons have a tendency to home more non-violent offenders (like people convicted of same-sex offenses ), whilst state prisons handle large populations of people convicted of violent crimes.

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mikednolan · 6 years

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Investor Recovery Options: Global Credit Recovery, Rhino Capital, Kevin Merrill, and Jay Ledford $345 Million Ponzi Scheme

The securities lawyers of Gana Weinstein LLP are investigating potential recovery options concerning an investment fraud scheme recently enjoined by the the Securities and Exchange Commission (SEC). The SEC recently announced it obtained a court order halting an ongoing Ponzi-like scheme conducted by Kevin B. Merrill (Merrill), Jay B. Ledford (Ledford) and Cameron Jezierski (Jezierski) that raised more than $345 million from over 230 investors. Investors dealt with the defendants entities including Global Credit Recovery, LLC (Global Credit Recovery), Delmarva Capital, Rhino Capital, DeVille Asset Management, and Riverwalk Financial Corporation.

The SEC alleged that Merrill, Ledford and Jezierski, from at least 2013 through the present, through the web of entities they control have offered and sold investments relating to consumer debt portfolios, claiming to generate significant profits through their expertise in collecting on and reselling consumer debt. However, the SEC found that in nearly every interaction with investors Merrill and Ledford misled investors about what they would do with the raised money. The SEC found that the defendants made false statements, fabricated nonexistent debt portfolios, created fake wire transfers and contracts, and founded shell companies meant to mimic legitimate companies. The SEC claimed that instead of purchasing debt as promised, investor money was largely used investor money to fund the defendants’ lavish lifestyles and prop up the scheme with Ponzi-like payments to other investors.

According to the SEC only a fraction of this money was used to acquire actual debt portfolios, and even then the acquired portfolios were different from what Merrill and Ledford had represented to the investors. Instead, the SEC found that Merrill and Ledford spent incoming cash at an alarming rate and misappropriated over $85 million for themselves. The SEC found that Ledford has transferred at least $13 million to Las Vegas casinos, used over $360,000 to purchase a Ferrari, and spent over $330,000 on a 7.32 carat diamond engagement ring. The SEC found that Merrill used investor funds to purchase at least 25 high-end automobiles for approximately $10.2 million, spent $5.5 million toward the purchase of a luxury home in Naples, Florida, and purchased an interest in a private jet for $500,000.

The SEC has accused Merrill and Ledford of having sold investments relating to consumer debt to investors to investors and advisors in states including California, Colorado, Florida, Illinois, Louisiana, Maryland, New Jersey, New York, North Carolina, Texas, and Virginia.

Our firm is investigating advisors who recommended securities related to Global Credit Recovery, Rhino Capital, or any of the other companies that Merrill and Ledford created to their clients. Under the securities laws financial advisors must conduct due diligence and have a reasonable basis for their investment recommendations. Common due diligence looks into the investment’s properties including its benefits, risks, tax consequences, the issuer, the likelihood of success or failure of the investment, and other relevant factors. When dealing with alternative investments and private equity deals due diligence can be more challenging but firms are responsible to meet those heightened challenges prior to recommending the investment to its clients.

Investors who have suffered losses are encouraged to contact us at (800) 810-4262 for consultation. The attorneys at Gana LLP are experienced in representing investors in cases of financial advisors failing to conduct proper due diligenc on investments. Our consultations are free of charge and the firm is only compensated if you recover.

from Securities Fraud https://www.securitieslawyersblog.com/investor-recovery-options-global-credit-recovery-rhino-capital-kevin-merrill-and-jay-ledford-345-million-ponzi-scheme/

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shelbieeden · 6 years

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SEC Names Deputy Chief Accountant

The Securities and Exchange Commission today announced the appointment of Sagar S. Teotia as a Deputy Chief Accountant in the agency’s Office of the Chief Accountant.

As Deputy Chief Accountant, Mr. Teotia will lead the activities of the office’s accounting group, which includes understanding investor and other perspectives on accounting matters and consulting with public companies, auditors, and divisions and offices within the SEC, on the application of accounting standards and financial disclosure requirements. Mr. Teotia will also assist the office in discharging the Commission’s oversight of standard setting bodies such as the Financial Accounting Standards Board.

Mr. Teotia previously served in the office as a professional accounting fellow from 2009 to 2011. During his time as a fellow he followed the activities of professional accounting standard-setting bodies, both within the United States and internationally.

“I am very pleased that Sagar has agreed to return to the Office of the Chief Accountant to oversee the accounting group,” said SEC Chief Accountant Wesley Bricker. “Sagar’s prior experience as an SEC accounting fellow as well as his expertise and wealth of experience in public accounting will provide critical service to investors, companies and the Commission.”

“I am honored to have this opportunity to return to work at the Commission and serve with the talented and highly dedicated team in the Office of the Chief Accountant on behalf of investors,” said Mr. Teotia.

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Mr. Teotia joins the SEC with approximately 18 years of professional experience that includes expertise in regulatory matters, technical accounting, and mergers and acquisitions. He joins the SEC from Deloitte & Touche LLP’s National Office Accounting Consultation Group in Utah, where he was a partner.

Mr. Teotia’s work has included a focus on financial instruments, business combinations, and compensation issues, including stock compensation and pension matters. He has also worked on matters regarding the application of U.S. Generally Accepted Accounting Principles and International Financial Reporting Standards.

Mr. Teotia received an accounting degree from the University of Illinois at Urbana-Champaign. He is licensed to practice as a certified public accountant in Illinois.

SEC HALTS FRAUD TARGETING SENIORS

As a securities lawyer, it’s fun to see the changes that are announced from time to time by the SEC. For example, they recently announced an emergency asset freeze and temporary restraining order against a Utah-based investment adviser and his financial management company accused of scamming elderly investors out of millions of dollars.

The SEC alleges that Daniel H. Glick and his unregistered investment advisory firm Financial Management Strategies (FMS) provided clients with false account statements to hide Glick’s use of client funds to pay personal and business expenses, purchase a Mercedes-Benz, and pay off loans and debts among other misuses.

According to the SEC’s complaint, Glick was barred by FINRA in 2014 and had his Certified Financial Planner designation and Certified Public Accountant license revoked for conduct unrelated to today’s SEC charges.

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“As alleged in our complaint, Daniel Glick raised millions of dollars from elderly clients by claiming that he would pay their bills, handle their taxes, and invest on their behalf. In reality, Daniel Glick used much of their money to do what was best for Daniel Glick,” said David Glockner.

The SEC’s complaint also names Glick Accounting Services, Glick’s business partner David B. Slagter, and Glick’s business acquaintance Edward H. Forte as relief defendants for the purposes of recovering client funds that Glick transferred or paid them in the form of advances or loans.

The court issued a temporary restraining order against Glick and FMS at the SEC’s request, and issued an order freezing the assets of Glick, FMS, and Glick Accounting Services.

The SEC encourages investors to check the background of anyone offering to sell them investments.

SEC HALTS BOILER ROOM SCHEME INVOLVING STATE LOTTERY TICKETS

The Securities and Exchange Commission today announced charges against a Utah-based company, its CEO, and its top sales agent accused of conducting a boiler room scheme that solicits investments in a business purportedly facilitating online and cell phone sales of lottery tickets in various states.

The SEC has obtained an emergency court order freezing the assets of LottoNet Operating Corp., David Gray, and Joseph A. Vitale. The SEC’s complaint alleges that they misrepresented to investors that their money would be used to develop and market LottoNet and that sales agents did not receive commissions. At least 35 percent of investor proceeds were allegedly paid to boiler room sales agents in the form of commissions, and LottoNet allegedly siphoned investor funds for personal spending on clothing, wedding-related expenses, and strip clubs.

According to the SEC’s complaint, which was unsealed in federal court today, among the pitches used in sales agent scripts prepared for cold calls to investors was “you’re looking at a monthly dividend payout of $8,500 every month” on a $25,000 investment if LottoNet reaches 1 percent market share. The scripts also allegedly touted the purported safety of the investment, noting a 60 percent return as a “worst case” scenario if the company was ever sold. The SEC alleges that while LottoNet has raised a total of approximately $4.8 million from investors, the company had only paid $10,525.43 in investment returns to investors through the end of February. Sales agents allegedly have been paid more than $1.1 million out of investor funds.

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The SEC’s complaint further alleges that Vitale, who personally raised at least $1.4 million from investors, used the alias Donovan Kelly in an apparent attempt to hide from investors that he is permanently barred by the Financial Industry Regulatory Authority (FINRA).

“As alleged in our complaint, little did investors know they were being duped with a script based on misrepresentations while investor funds were being spent in strip clubs,” said Eric I. Bustillo.

TELECOM EXECUTIVES AGREE TO PAY PENALTIES FOR FCPA VIOLATIONS

The Securities and Exchange Commission today announced that two former executives at Hungarian-based telecommunications company Magyar Telekom have agreed to pay financial penalties and accept officer-and-director bars to settle a previously-filed SEC case alleging they violated the Foreign Corrupt Practices Act (FCPA).

Magyar Telekom paid a $95 million penalty in December 2011 to settle parallel civil and criminal charges that the company bribed officials in Macedonia and Montenegro to win business and shut out competition in the telecommunications industry says local business lawyers. The SEC’s complaint also charged the company’s former CEO Elek Straub and former chief strategy officer Andras Balogh with orchestrating the use of sham contracts to funnel millions of dollars in corrupt payments. The two executives were set to stand trial this month.

Straub has agreed to pay a $250,000 penalty and Balogh has agreed to pay a $150,000 penalty. Both executives agreed to a five-year bar from serving as an officer or director of any SEC-registered public company. The settlements are subject to court approval.

“The executives in this case were charged with spearheading secret agreements with a prime minister and others to block out telecom competitors,” said Stephanie Avakian, Acting Director of the SEC’s Division of Enforcement. “We persevered in order to hold these overseas executives culpable for corrupting a company that traded in the U.S. market.”

A third Magyar Telekom executive charged in the SEC’s complaint, former director of business development and acquisitions Tamas Morvai, agreed to a settlement that was approved by the court in February requiring him to pay a $60,000 penalty for falsifying the company’s books and records in connection with the bribery scheme.

Free Initial Consultation with SEC Lawyer in Utah

When you need help from a Utah SEC Lawyer, call Ascent Law for your free consultation (801) 676-5506. We want to help you.

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