Remember Benula Bensam? She’s the Benjamin M. Cardozo School of Law student who couldn’t land a summer internship, decided to spend her summer haunting the U.S. Southern District courthouse in downtown Manhattan. Which was going just fine, thank you, until Ms. Bensam started writing letters to Judge Jed Rakoff during the insider-trading trial of former McKinsey & Co. CEO Rajat Gupta.
That led to Ms. Bensam being summoned from the courtroom by U.S. Marshals,who instructed the eager law student that her correspondence (read the letters here) could be construed as an attempt to influence the case. At least, so go the press accounts of the incident.
Wall Street ax: The six largest U.S. banks have cut 18,000 jobs in the last year, according to The Wall Street Journal, and the industry is showing no signs of slowing down its cost-saving efforts. Goldman Sachs said it would pare an additional $500 million in expenses in the second half of the Read More
A former marketing executive at AT&T pled guilty to insider trading charges after providing sales data for the Apple iPhone and RIM’s Blackberry to a so-called expert network, said U.S. Attorney Preet Bharara in a statement.
Alnoor Ebrahim, 57, of Alpharetta, Georgia, pled guilty to one count of conspiracy to commit securities fraud and wire Read More
For anyone who’d like to see the bank executives who led America into the teeth of the financial crisis strung up by the laces of their Prada wingtips, a trip to the Southern District courthouse in Lower Manhattan may be a deflating experience.
The Observer had come to the federal courthouse seeking succor. Late last Read More
So, Deutsche Bank settled a U.S. attorney’s lawsuit for $202.3 million in damages and civil penalties, prosecutors said today, following allegations that a mortgage unit owned by the German lender falsely certified loans as qualifying for federal insurance.
Crimes and Misdemeanors
It was a classic set-up: a trusting, elderly woman with a valuable property and a clever con to separate one from the other.
Brooklyn lawyer Ifeanyichukwu Eric Abakporo and Latanya Pierce have been arrested for allegedly scamming an elderly woman out of her multi-million-dollar property in Harlem, then convincing the bank to give them a $1.8 million mortgage loan on the home, according to Manhattan U.S. Attorney Preet Bharara.
Mr. Abakporo, 52, a Nigerian citizen and resident of Queens and Ms. Pierce, 43, of Brooklyn have been charged with wire fraud, bank fraud, wire fraud conspiracy and bank fraud conspiracy.
THE SOUND OF JUSTICE IN YOUR FACE
The U.S. Attorney’s Office for the Southern District of New York just released their press statement on the eleven-year prison sentence handed down to former Galleon Group head Raj Rajaratnam for charges of Insider Trading. They obviously take no pride in this kind of thing.
Manhattan U.S. Attorney Preet Bharara has announced a widespread review of New York restaurants to check their compliance with the Americans with Disabilities Act of 1990. In an effort to appear unbiased in the selection of restaurants to review, Mr. Bharara did what most New Yorkers do: he consulted his trusty Zagat guide.
The jury’s verdict is in, and it has found Raj Rajaratnam guilty on all 14 counts. Preet Bharara is gloating and lead prosecutor Jonathan Streeter has won a formidable battle in his biggest case yet (although the defense will certainly appeal.)
But what, one must wonder, does the verdict mean for the future of Read More
Preet Bharara, the U.S. attorney for the Southern District, recently announced the indictments of 11 individuals connected to three Internet poker companies that allegedly took in or laundered billions of dollars in illegal gambling schemes. The scope of the criminal activity was shocking: The government moved to close down more than 75 bank accounts that Read More