Ponzi Scheme
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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]
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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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Biglaw, Crime
Ex-Skadden Lawyer Who Botched Suicide Pleads Guilty To Running $5M Ponzi Scheme
How much time could he serve in prison for his crimes? -
Bernie Madoff, Biglaw, Money
Meet The Billion-Dollar Biglaw Partners Behind The Madoff Case
When it comes to attorneys' fees for Biglaw partners, no number is ever too high. -
Non-Sequiturs
Non-Sequiturs: 09.22.15
* The town of Collidge, Arizona, does not understand the establishment clause of the First Amendment… come to think of it, they aren’t real clear on the exercise clause either, but that sure doesn’t stop them from invoking it! [Wonkette]
* Could Volkswagen’s revelation (that they rigged their cars to beat emissions tests but then, in real life, pumped out emissions like a bloated redneck with IBS that’s just been given a lifetime supply of baked beans) mean jail time for executives? [Mother Jones]
* Are you a veteran thinking about law school? First of all, why? But if you’re still interested, check out this upcoming Service to School even in D.C. to get the inside scoop. [Service to School]
* Reagan may have been an actor by trade, but he sure spoke like a lawyer. [Guile is Good]
* Don’t know where to house refugees? How about the former Dachau concentration camps? The eminently practical, yet horrifying German solution. [The Guardian]
* The papal visit starts today, and though expectations are high, there might be a nasty tax implication if the pontiff starts talking up Bernie Sanders too much. [TaxProf Blog]
* When Americans talk about religious freedom, they do not mean Muslim Americans. No duh. [The Atlantic]
* Book excerpt about the intersection of the girl who cried rape and lynching. [Jezebel]
* Still care about the Kim Davis debacle? Well, she might be heading back to jail. [Slate]
* If a Ponzi scheme is operated with Bitcoins, is it still a Ponzi scheme? [Dealbreaker]
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Morning Docket
Morning Docket: 12.15.14
* Thanks to a former Skadden attorney’s failed attempt to kill himself, police were able to retrieve a suicide note — entitled “A Sad Ending to My Life” — that revealed the lawyer’s $5M Ponzi scheme. We may have more on this later. [Am Law Daily]
* “I’m not one who believes there are too many lawyers in the country,” says Dean Thomas Guernsey of Thomas Jefferson Law. Conveniently, only 29% of TJSL’s ’13 grads are working in full-time, long-term jobs as lawyers. Kudos! [U-T San Diego]
* The government just paid the least amount of money to legal services contractors since 2008. As far as Biglaw firms are concerned, Curtis Mallet-Prevost posted “significant losses,” receiving $2M less than it did in 2013. [National Law Journal]
* Because not everyone wears gas masks, a federal judge issued a temporary restraining order to keep police from using tear gas on peaceful protestors in Ferguson without first issuing “clear and unambiguous warnings.” [WSJ Law Blog]
* Ladies and gentlemen, this is the main event of the evening! IT’S TIME! FIGHTING out of the blue corner, angry UFC combatants who are planning to use “renowned” antitrust firms to secure “hundreds of millions of dollars”! [Bloody Elbow / SB Nation]
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Attorney Misconduct, Bar Exams, Law Professors, Legal Ethics, Securities and Exchange Commission
Law School Professor Busted Lying To Federal Judge, Goes Back to Teaching Ethics
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Attorney Misconduct, Crime, Legal Ethics, Money, Plaintiffs Firms, Politics, Reader Polls, Tax Law
Lawyers Of The Day: Attorneys Allegedly Acting Up
Allegations of a high-ranking government lawyer abusing the perks of his office, a tax lawyer engaging in tax fraud, and a real estate lawyer stealing $4 million -- who should be Lawyer of the Day? -
2nd Circuit, Bankruptcy, Bernie Madoff, Biglaw, Crime, D.C. Circuit, Dewey & LeBoeuf, Federal Judges, Football, Morning Docket, Partner Issues, Real Estate, Sandra Day O'Connor, Sports, Ted Olson, Television, Trials, Video games
Morning Docket: 09.27.13
* Sri Srinivasan was sworn in as a member of the D.C. Circuit by Justice Sandra Day O’Connor, who called him “fair, faultless and fabulous.” The man must have great shoes. [Washington Post]
* Things aren’t going very well for Steven Donziger in the Chevron / Ecuador case now, but then again, they never are. The Second Circuit denied his bid to oust the judge on the case. [Bloomberg]
* Dewey know how much this failed firm’s ex-landlord wants from 450 of its former partners? Somewhere in the ballpark of $1.6 million to $45.45 million, so it could be painful. [Am Law Daily]
* Kilpatrick Townsend & Stockton has already named a new chairman. Congrats to J. Henry Walker IV, a man whose name alone makes it sound like he should probably leading something. [Daily Report]
* Time is running out for prosecutors to bring charges against those connected to Bernie Madoff’s Ponzi scheme, but it looks like his niece, a Fordham Law grad, is in their sights. [DealBook / New York Times]
* The series finale of Breaking Bad airs on Sunday, and you must be very sad, so here are five compliance lessons to take away from the show. First and foremost, don’t ever hire a Pinkman. [Corporate Counsel]
* E.A. Sports and the Collegiate Licensing Company settled the suit filed against them by college athletes, leaving the NCAA to whine, moan, and “take this all the way to the Supreme Court.” [Birmingham News]
* George Zimmerman’s wife says her husband “went on a victory tour” without her, and has no idea where he is. Clue: maybe he was advising Cybill Shepherd for her role on Law & Order next week. [Miami Herald]
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Bernie Madoff, Laura Taylor Swain, Pictures, S.D.N.Y., Technology, Trials
Bernie Madoff's Giant Screw: Is Photoshop A Proper Rule 403 Remedy?
A federal judge tells prosecutors to use Photoshop to remove an item from a picture. But is changing the totality of the image the same as excluding prejudicial evidence? -
Intellectual Property, Law Schools, Morning Docket, Musical Chairs, Securities and Exchange Commission, Securities Law, Sex Scandals, Texas
Morning Docket: 07.24.13
* Bernard Knight Jr., general counsel of the U.S. Patent and Trademark Office, will be taking his intellectual property talents to McDermott Will & Emery as a new — and rather cute — partner. Congratulations! [Corporate Counsel]
* The Securities and Exchange Commission has charged a Texas man in a Monopoly money Bitcoin-related Ponzi scheme. Unfortunately for him, the associated jail time for the crime isn’t virtual. [Wall Street Journal (sub. req.)]
* When applying to law school, it’s wise to have a unique personal statement topic. But considering the application cycle, you could probably get away with writing “LOL” and still get into the school of your choice. [Law Admissions Lowdown / U.S. News]
* Russia has granted NSA leaker Edward Snowden a pass to leave the Moscow airport’s transit zone. Be prepared to welcome borscht into your life, and be sure to always say spasibo. [Associated Press]
* Sorry folks, but Carlos Danger, more popularly known as Anthony Weiner, won’t be pulling out of the New York City mayoral race. I, for one, would love to see his AMAs on Reddit. [New York Times]
* It looks like Aaron Hernandez shot himself in the foot when lawyering up for a civil suit where he’s accused of shooting someone in the eye. His attorney specializes in banking litigation. [USA Today]
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Bernie Madoff, Money, Quote of the Day, Securities and Exchange Commission, Securities Law, Wall Street
Who's the Idiot Now, Bernie?
This infamous Ponzi schemer has some advice for the SEC.
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Bernie Madoff, Lawyerly Lairs, Money, Real Estate, Wall Street, White-Collar Crime
Lawyerly Lairs: A Multimillion-Dollar Madoff Mansion
Peter Madoff, the lawyer who served as "chief compliance officer" for Ponzi schemer Bernie Madoff, used to live in this big house (before getting sent to the Big House). -
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]
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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]
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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]
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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]
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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]
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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]