Ponzi Scheme

  • Morning Docket: 11.07.16
    Morning Docket

    Morning Docket: 11.07.16

    * There are many questions, but no answers, as Judge Merrick Garland’s “final reckoning” approaches. His nomination will die if Republican presidential candidate Donald Trump is elected, but would he be confirmed in a lame-duck session if Democratic presidential candidate Hillary Clinton wins? In that case, if Senate Republicans refuse to confirm him after the election, will Clinton re-nominate him after she’s sworn in? Will he ever receive a hearing? Someone please help this poor man. [Reuters]

    * With apologies to Judge Garland, the only thing that seems to remain certain is that Senate Republicans are firm in their stance that they’ll continue to prevent the late Justice Antonin Scalia’s seat on the Supreme Court from being filled. Senator John McCain, for example, asked supporters to re-elect him so he can assist his GOP brethren in “prevent[ing] that four-to-four split from tilting to the left.” [Huffington Post]

    * According to FBI director James Comey, after review of additional emails found in an unrelated investigation into Anthony Weiner, there’s still no evidence that Hillary Clinton should face any criminal charges over the handling of her email communications while she was Secretary of State. Voters can breathe a little easier now, because there will be no indictments coming for the Democratic presidential nominee. [New York Times]

    * Chadbourne & Parke has finally responded to partner Kerrie Campbell’s $100M gender discrimination suit, and the firm didn’t pull any punches, alleging that her practice area was a “poor fit” for the firm, that she “exhibited questionable legal judgment,” and that its decision to ask her to leave was for “entirely legitimate and proper business reasons and without a scintilla of consideration being given to her gender.” [WSJ Law Blog]

    * “No purpose will be served by letting him rot in prison for years on end.” Judge Jed Rakoff, a longtime critic of federal sentencing guidelines, has sentenced Harvard Law School graduate-cum-Ponzi schemer Andrew Caspersen to four years in prison for his $38.5M fraud, even though prosecutors sought almost 16 years of time behind bars for his financial crimes — a proposition which Rakoff referred to as “absurd.” [Reuters]

    * E. Barrett Prettyman Jr., founder of the first appellate practice, RIP. [Hogan Lovells]

    * Janet Reno, first woman to serve as U.S. attorney general, RIP. [New York Times]

  • Morning Docket: 03.14.16
    Morning Docket

    Morning Docket: 03.14.16

    * Now that the Supreme Court shortlist has been whittled down to just three appellate judges, people are speculating as to whether we’re on track to see our first Asian-American nominee. Sri Srinivasan, the front-runner whose “ethnic identity would be the real novel factor here,” could be the high court’s first Hindu justice. [Washington Post]

    * Those on the left, however, apparently have objections to Judge Srinivasan’s nomination. During his time at both O’Melveny & Myers and the DOJ, he supported companies accused of gross human rights abuses — a “deeply disturbing” record for someone being considered for SCOTUS. [The Hill]

    * Oopsie! Somebody wasted $250K! On Friday, Judicial Crisis Network launched an ad campaign against Judge Jane Kelly of the Eighth Circuit’s possible nomination to the nation’s highest court. You can “[t]ell your senator Jane Kelly doesn’t belong on the Supreme Court” all you want, but this is a bit of a moot point now. [POLITICO]

    * Since “simply claiming that an attorney’s conduct was fraudulent does not allow plaintiffs to circumvent attorney immunity,” the Fifth Circuit tossed a suit alleging that Proskauer Rose and Chadbourne & Parke helped to conceal R. Allen Stanford’s $7.2B Ponzi scheme. Stanford is serving a 110-year sentence. [Big Law Business / Bloomberg]

    * You snooze, you lose: “[W]e find it impossible not to conclude that [Nikita] Mackey slept, and was therefore not functioning as a lawyer during a substantial portion of the trial.” The Fourth Circuit vacated a man’s conviction and 30-year sentence because his lawyer slept “almost every day” of his trial, for at least 30 minutes. [WSJ Law Blog]

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  • Airplanes / Aviation, Antitrust, Antonin Scalia, Attorney Misconduct, Bankruptcy, Bernie Madoff, Biglaw, Department of Justice, Dewey & LeBoeuf, Legal Ethics, Mergers and Acquisitions, Money, Morning Docket, Partner Issues, Politics, SCOTUS, Sonia Sotomayor, Supreme Court

    Morning Docket: 02.14.13

    * She loves me, she loves me not: media darling Sonia Sotomayor used to be in favor of the use of cameras during Supreme Court arguments, but she’s done a complete about-face on the issue, just like Justice Elena Kagan before her. [National Law Journal]

    * Everyone and their mother knows what Antonin Scalia thinks of the State of the Union address, but let’s find out what my colleague Elie Mystal thinks about the good justice’s antics — namely, Scalia’s non-attendance for the past sixteen years. [HuffPost Live]

    * American Airlines and US Airways will be merging to create the largest (and most awful) airline in the country. Perhaps the DOJ’s antitrust division can save us from this parade of horribles. [DealBook / New York Times]

    * It looks like Team Togut is going to have a crappy Valentine’s Day. They thought that their partner problems were all wrapped up, but according to these filings, it seems that they’ve only just begun. [Am Law Daily]

    * If Irving Picard, the trustee in charge of the Bernie Madoff bankruptcy case, is able to get his way, money will soon be raining upon the victims of the massive Ponzi scheme at warp speed. [WSJ Law Blog (sub. req.)]

    * This probably isn’t just a “distraction” or “silly sideshow” anymore, because Apple now says it will be fighting Greenlight’s attempt to block the tech company from restricting its issuance of preferred stock. [Bloomberg]

    * Instragram has asked a federal court to toss a lawsuit over changes to the photo-sharing app’s terms of service because it contests that users still own the rights to all of their fugly Walden-filtered pictures. [Reuters]

    * Remember Kenneth Kratz, the former Wisconsin prosecutor who referred to himself as “the prize”? He’s settled his sexting suit with Stephanie Van Groll, also known as the “hot nymph.” [Twin Cities Pioneer Press]

    * Go to grad school at Lehigh for free: check. Sue for $1.3M over your C+: check. Get chastised by a judge over your ridiculous lawsuit: check. Whatever, we still beat Duke, and that’s really all that matters. [Morning Call]

  • Biglaw, Deaths, Law School Deans, Law Schools, Lindsay Lohan, Money, Morning Docket, Partner Profits, Securities Law

    Morning Docket: 02.01.13

    * Congratulations to Cadwalader Wickersham & Taft! The firm saw its first revenue increase in three years, with profits per partner jumping up 11.6 percent, yet they didn’t top Cravath’s bonuses. Rude. [Am Law Daily]

    * Thanks to the firm’s association with Ponzi schemer Nevin Shapiro, Shook Hardy & Bacon was accused of aiding and abetting in securities law violations and is facing a multimillion-dollar suit. [Miami Herald]

    * Lawyer glut? What lawyer glut? Let’s open some new law schools, yayyyy!!! Despite the fact that applications are at their lowest in a decade, new schools are still throwing their doors open wide. [Wall Street Journal]

    * With the dean of Seattle University School of Law stepping down, Annette Clark, she of the most epic St. Louis University Law resignation letter, may get a second bite at the proverbial deanship apple. [National Law Journal]

    * “Flattery doesn’t get you anywhere in this court.” Wooing the judge won’t work, so Lindsay Lohan’s new lawyer has a tough row to hoe — he had to pick up Shawn Holley’s pieces AND deal with his client. [Fox News]

    * Ed Koch, former mayor of New York City and judge of “The People’s Court,” RIP. [New York Times]

  • ACLU, Antonin Scalia, Bernie Madoff, Biglaw, Crime, Deaths, Federal Judges, Football, Free Speech, Law Schools, Mergers and Acquisitions, Morning Docket, Partner Issues, Prisons, Robert Bork, Ruth Bader Ginsburg, SCOTUS, Sentencing Law, State Judges, Supreme Court

    Morning Docket: 12.21.12

    * Seven out of nine sitting Supreme Court justices were silent when it came to the passing of Robert Bork. Justice Antonin Scalia, of course, issued a public statement, as did liberal Justice Ruth Bader Ginsburg (surprise!). [WSJ Law Blog (sub. req.)]

    * No one ever really doubted that it would take an army of Biglaw lawyers from the likes of Sullivan & Cromwell, Shearman & Sterling, and Wachtel Lipton to handle a monumental deal like the proposed $8.2 billion NYSE/ICE merger. [Am Law Daily]

    * Can you coach with Nick Saban and be a Miller Canfield partner at the same time? No. But you can sue (and win!) when the firm allegedly forces you out due to its “culture of fear and intimidation.” [Detroit Free Press]

    * Justice Rolando Acosta, who wrote the opinion upholding the dismissal of the class action case against NYLS, rates well among his peers as a nominee for the New York Court of Appeals. [New York Law Journal]

    * Peter Madoff was sentenced to ten years in prison for his role in Bernie Madoff’s Ponzi scheme, but the judge will probably let him go to his granddaughter’s bat mitzvah before shipping him to the pokey. [Bloomberg]

    * Merry Christmas, now go f**k yourself. A federal judge has given a woman in Louisiana free rein to display holiday lights on her roof in the form of an extended middle finger. God bless America. [CBS 3 Springfield]

  • American Bar Association / ABA, Bankruptcy, Biglaw, Crime, Dewey & LeBoeuf, Divorce Train Wrecks, Law Schools, Morning Docket, Sentencing Law, Texas, UVA Law

    Morning Docket: 12.20.12

    * “As a lawyer, this is very sad for me.” Al Togut, the prominent attorney pulling all of the strings behind the curtain of the Dewey & LeBoeuf bankruptcy filings, wishes that there was some way that the firm could’ve been saved. [Am Law Daily]

    * Guys at my law school used to break into the registrar’s office to steal transcript paper all the time; it was no big deal. No really, as far as sentencing goes, apparently doing such a thing isn’t that big of a deal in Virginia. [Daily Progress]

    * That’s some nice lipstick you’ve got there, pig: Lincoln Memorial University’s Duncan School of Law is still trying to get ABA accreditation by changing everything it can, including its lax admissions standards. [Knoxville News Sentinel]

    * Even though Peter Madoff’s supporters showered the court with with letters filled with compliments ahead of his sentencing, the Ponzi victims aren’t exactly showing him the same kind of love. [WSJ Law Blog (sub. req.)]

    * This law firm in Texas is trying to make getting divorced a more pleasurable experience, so they invented something called the “Divorce Resort” — because there’s nothing like a four-star train wreck. [Huffington Post]

  • Bankruptcy, Biglaw, Billable Hours, Deaths, Federal Judges, Food, FTC, Google / Search Engines, Money, Morning Docket, Partner Issues, Privacy, Venable

    Morning Docket: 11.19.12

    * Billable hours in Biglaw are down 1.5 percent, and 15 percent of U.S. firms are planning to reduce their partnership ranks in early 2013. Thanks to Wells Fargo for bringing us the news of all this holiday cheer! [Thomson Reuters News & Insight]

    * Hostess may be winding down its business and liquidating its assets, but Biglaw will always be there to clean up the crumbs. Jones Day, Venable, and Stinson Morrison Hecker obviously think money tastes better than Twinkies. [Am Law Daily]

    * How’s that “don’t be evil” thing working out for you? Google’s $22.5M proposed privacy settlement with the FTC over tracking cookies planted on Safari browsers was accepted by a federal judge. [Bloomberg]

    * Greenberg Traurig and Hunton & Williams face a $7.2B suit from Allen Stanford’s receiver over a former attorney of both firms’ alleged involvement in the ex-knight’s Ponzi scheme. [Houston Business Journal]

    * Perhaps the third time will be the charm: ex-Mayer Brown partner Joseph Collins was convicted, again, for helping Refco steal more than $2B from investors by concealing the company’s fraud. [New York Law Journal]

    * H. Warren Knight, founder of alternative dispute resolution company JAMS, RIP. [National Law Journal]

  • Attorney Misconduct, Biglaw, Copyright, Disasters / Emergencies, Food, Intellectual Property, Law School Deans, Law Schools, Legal Ethics, Morning Docket, Trademarks

    Morning Docket: 11.14.12

    * “[T]here is only so far you can go when representing clients.” David Tamman, the ex-Nixon Peabody partner who was “thrown under the bus” by the firm, was found guilty of helping a client cover up a $20M Ponzi scheme. [Thomson Reuters News & Insight]

    * You surely must remember former UT Law dean Larry Sager and his controversial $500K forgivable loan. Well, as it turns out, the school is now condemning the practice as inappropriate, and calling for its permanent suspension. [Texas Tribune]

    * Someone finally sued a power company over its horrendous response to Hurricane Sandy. Long Island Power Authority should’ve seen this lawsuit coming, but was woefully unprepared. Figures. [Bloomberg]

    * I can haz copyright infringement? Internet memes are all the rage — we even had our own contest — but you may find yourself wading into dangerous intellectual property waters with improper use. [Corporate Counsel]

    * Papa John’s is facing a $250M class-action lawsuit for spamming its customers with text messages advertising deals. With share prices dropping, it must suck to be Peyton Manning right now. [CNNMoney]