The Daily Caveat is written by Michael Thomas, a recovering corporate investigator in the Washington, DC-area. [More]
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6/25/2008
No Luck on Appeal for Conrad Black
Credit Suisse Banker Convicted on Insider Trading
Former Cendant CEO Facing 12 Year Sentence on Fraud
Skilling Does Not Pass GO, Goes Directly To Jail
Turnabout is Fair Play, Public Corruption Investigations Up 30% in the Past Four Years
Former Cendant Exec Gets House Arrest on Fraud Charges
No Luck on Appeal for Conrad Black
Sounds like he'll be serving out that six and a half year prison sentence...
2/04/2008
Labels: appeal, Conrad Black, Conviction
Credit Suisse Banker Convicted on Insider Trading
Hafiz Naseem, a former Credit Suisse investment banker, has been found guilty 28 counts of insider trading in relation to the TXU takeover. Naseem was taken into immediate custody as a potential flight risk. And while his lawyer is talking appeal, Naseem's conviction is worth a few decades in prison, pending sentencing.
The whole TXU debacle is quite the interesting case. I encourage you to check out the tags below for the background.
-- MDT
1/18/2007
The whole TXU debacle is quite the interesting case. I encourage you to check out the tags below for the background.
-- MDT
Labels: Ajaz Rahim, Conviction, Credit Suisse, Hafiz Naseem, insider trading, TXU Corp
Former Cendant CEO Facing 12 Year Sentence on Fraud
Cendant CEO, Walter Forbes's was convicted in October '06 of conspiracy to commit securities fraud as well as two counts of making false statements in relation to the massive accounting fraud at Cendant. His sentence, handed down yesterday: twelve years, seven months and $3.3 billion dollars in fines. That's gotta hurt.
Cendant is the company behind such prominent brands as: Ramada, Howard Johnson, Avis, Coldwell Banker and Century 21, among others.
-- MDT
12/13/2006
Cendant is the company behind such prominent brands as: Ramada, Howard Johnson, Avis, Coldwell Banker and Century 21, among others.
-- MDT
Labels: Cendant, Conviction, Walter Forbes
Skilling Does Not Pass GO, Goes Directly To Jail
Jeff Skilling, the former Enron chief exec, had been anticipating the possibility of a reprieve from jail time while he awaited the outcome of his appeal on fraud charges. It was not to be. The same court that signaled the possibility of bail for Skilling has snatched it away. He may report as soon as today to the Federal pen where, barring reversal on appeal, he'll be serving some or all of a 24 year sentence.
-- MDT
12/11/2006
-- MDT
Labels: appeal, Conviction, Enron, Fraud, jail, Jeff Skilling
Turnabout is Fair Play, Public Corruption Investigations Up 30% in the Past Four Years
Lordy...
More than 1,000 public officials of various levels on the pecking order have been convicted in government corruption investigation over the last two years. With ample time (and seemingly endless corruption) left for the current administration in Washington, I think we can accurately predict that quite a few medium to large sized fish are going to be joining the convicted list in '07.
Sarbox for the guv'ment, perhaps?
The Washington Post has the rest of the story.
-- MDT
More than 1,000 public officials of various levels on the pecking order have been convicted in government corruption investigation over the last two years. With ample time (and seemingly endless corruption) left for the current administration in Washington, I think we can accurately predict that quite a few medium to large sized fish are going to be joining the convicted list in '07.
Sarbox for the guv'ment, perhaps?
The Washington Post has the rest of the story.
-- MDT
Labels: Conviction, corruption, FBI, government
Former Cendant Exec Gets House Arrest on Fraud Charges
In addition to the ten year prison sentence and more than $3 billion in fines and restitution former Cendant vice Chair, E. Kirk Shelton has otherwise been facing, he has now been placed under house arrest while he awaits the outcome of his appeals. Shelton was previously convicted on a variety of charges relating to his role in artificially inflating Cendant's revenues by some $500 million. When the fraud was discovered back in 1998, Cendant's value dropped by $14 billion in a single day. Ouch.
More here.
-- MDT
More here.
-- MDT
Labels: Cendant, Conviction, E. Kirk Shelton, Fraud
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