Ponzi Scheme

* “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]

I’ll miss you the most, my little cupcake.

* 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]

* “[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. The 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]

Excited about fashion law?

* Good news, everyone! According to Citi’s Managing Partner Confidence Index survey, firm leaders are feeling pessimistic about their business due to an overall lack of confidence in the economy. [Am Law Daily]

* Per the Ninth Circuit, an Idaho statute that essentially criminalizes medication-induced abortions imposes an undue burden on a woman’s ability to terminate her pregnancy. Really? You don’t say. [Bloomberg]

* Kiwi Camara’s circuitous route to SCOTUS: thanks to the Eighth Circuit, Jammie Thomas-Rasset started and ended her journey with $222K damages for copyright infringement. [Thomson Reuters News & Insight]

* Was Barack Obama ever offered a tenured position on the faculty at University of Chicago Law School? Absolutely not, says longtime law professor Richard Epstein — and he was never a “constitutional law professor” either. [Daily Caller]

* “Fashion law is a real career choice,” says Gibson Dunn partner Lois Herzeca. This niche practice area is one of the hottest new trends in the fashion world, and it’s not likely to go out of style any time soon. [Reuters]

* Your clawback suit is a wonderland? John Mayer was named as a defendant in a suit filed by trustees seeking to recover money paid out by Ponzi schemer Darren Berg. [Bankruptcy Beat / Wall Street Journal]

* J. Christopher Stevens, UC Hastings Law grad and U.S. Ambassador to Libya, RIP. [CNN]

Ed. note: This new column is about sports and the law. You can read the introductory installment here.

Last night, I was having trouble coming up with something to say in this space that begins the post. I think it’s called an introduction. I called up the only woman who doesn’t screen my calls and asked for her help.

Mama Juggs: Are you in trouble?
Juggs: No, mom. Christ, why would you ask me that? No, I’m finding it difficult to think up a story only tenuously related to sports that I can open my column with.
MJ: I don’t understand a word of what you just said.
J: My column, mom. On Above The Law. You said you’ve been reading it?
MJ: *silence*
J: Whatever. Mom, can you think of a sports-related story that’s mildly funny and has little-to-no point?
MJ: Do you remember how your father used to shoot free throws? God, you’d stand out there for hours rebounding for him. How many did he make in a row?
J: Something over 100. I don’t remember. Mom, that’s not a ripping yarn, you’d have to agree.
MJ: You were too young to remember this, but the way his teams ran defense at Lucky High. Oh God, it was poetry. Every motion had an order, but it was so fluid and graceful. It was intuitive, y’know? Your father was so proud of those boys.
J: This isn’t going anywhere, is it?
MJ: The team that took second at state was great, but it was actually the team after that that your father always claimed was the best he coached. I can still see him walking out onto the court with the boutonnière and he looked so impressive. Just striding onto that court with all the confidence in the world. I’ll have to see if I can find a picture. I know I have one around here. He looked so handsome, your dad did.
J: Didn’t he get kicked out of a lot of games for arguing with refs?

LET’S TALK SPORTS!

double red triangle arrows Continue reading “Sports Law, Spaw, Lorts: Mostly Football Extravaganza”

Paul Campos

It’s a Ponzi scheme, in almost a literal sense. You’re taking money from current students and paying it to unemployed graduates.

Paul Campos, a law professor at the University of Colorado Law School, commenting on a scheme that many law schools use to find work for otherwise unemployed recent graduates in the hopes of boosting their employment statistics.

Today Allen Stanford, the former knight turned convicted Ponzi schemer, learned his fate. He was just sentenced by Judge David Hittner (S.D. Tex.).

Did Stanford get a bigger sentence than Bernie Madoff? The prosecution sought a longer sentence — 230 years for Stanford, compared to the 150 years received by Madoff.

Find out the Stanford sentence, and comment, over at our sister site Dealbreaker.

The old ball and chain.

* Joe Amendola has filed a motion to dismiss the child sex abuse charges against his client, Jerry Sandusky. And if he actually thinks that’s going to happen, then he definitely needs to call 1-800-REALITY. [Associated Press]

* @AllenStanford’s motion for a #newtrial has been denied. The Ponzi schemer’s “conviction by journo tweet” argument has failed. Major props to Judge David Hittner for issuing a ruling in less than 140 characters. [Bloomberg]

* Everyone’s obsessed with the U.S. News law school rankings, but here’s a ranking that people should actually be paying attention to: the law schools that lead to the most debt. [The Short List / U.S. News and World Report]

* This defunct firm’s homeless Halloween party just won’t be as fun this year. Steven J. Baum P.C. has to fork over $4M to settle a probe over its alleged foreclosure abuses. [Thomson Reuters News & Insight]

* St. John’s Law is planning to launch two new LL.M. programs, neither of which is in tax. This is newsworthy because people will apply anyway, and then bitch about the “value” of their degree. [National Law Journal]

* John Payton, President and Director-Counsel of the NAACP Legal Defense Fund, RIP. [NAACP LDF]

* Here’s a reason why Proskauer Rose and Chadbourne & Parke might skip out on spring bonuses this year: millions of dollars worth of blowback from Allen Stanford’s Ponzi scheme. [Thomson Reuters News & Insight]

* And speaking of spring bonuses, a lot of people noticed that Sullivan & Cromwell seems to have misled associates. “Just because it hasn’t happened yet, doesn’t mean it won’t.” Yeah, right. [Am Law Daily]

* Next up in the war on women: a senator from Idaho thinks that women are such strumpets that they might be lying their way into abortions by claiming rape. Because that’s not incredibly insensitive. [Washington Post]

* Apparently George Zimmerman, the man accused of fatally shooting a boy armed with a pack of Skittles, wanted to become a police officer. Looks like it’s time to kiss that dream goodbye. [Los Angeles Times]

* Give me your lunch money, kid! Teachers aren’t supposed to be bullying students, but that’s what one Baltimore mother is alleging in a $200K lawsuit against the city’s school board. [New York Daily News]

Scott Rothstein

You don’t want to have marijuana dealing from the middle of your law office because I was running a giant Ponzi scheme out of there.

Scott Rothstein, convicted Ponzi schemer and disbarred attorney, commenting during a deposition about his attempts to stop former Rothstein Rosenfeldt Adler employees from dealing drugs in the office.

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