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2 re-sentencings ordered in $1.9B Ohio fraud case
Law Firm News |
2010/07/29 09:10
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| A federal appeals court on Wednesday ordered new sentences for two former National Century executives convicted in a $1.9 billion corporate fraud case once likened to the Enron scandal, saying the government had proved some but not all of its case.pA three-judge panel of the 6th U.S. Circuit Court of Appeals in Cincinnati overturned Donald Ayers' conviction of conspiracy to commit money laundering, and Roger Faulkenberry's conviction of money laundering and conspiracy to commit money laundering, saying the government didn't provide enough proof./ppRemaining in place are Ayers' convictions of conspiracy to defraud the U.S. and securities fraud, and Faulkenberry's convictions of conspiracy to defraud the U.S., securities fraud and wire fraud./ppAyers, 74, is serving 15 years in Coleman federal prison in Florida after his 2008 conviction with Faulkenberry and four other top executives from National Century Financial Enterprises, a Columbus health care financing company. Federal prosecutors compared the case to Enron./ppFaulkenberry, 49, is serving 10 years in Gilmer federal prison in West Virginia after his 2008 conviction./ppThe court said the government didn't prove that advances Faulkenberry and Ayers made to medical companies were designed to conceal the money's source./p |
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N.J. gay-marriage case must begin in lower court
Legal World News |
2010/07/27 01:13
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pThe push for gay marriage in New Jersey suffered a setback Monday when the state Supreme Court said six gay couples who claim New Jersey has denied them the rights granted to married heterosexual couples must argue their case through the lower courts.
The court was split, 3-3, in the decision; four affirmative votes are needed for a motion to be granted. /ppChief Justice Stuart Rabner and Justices Roberto Rivera-Soto and Helen Hoens said in an order that the issue cannot be decided without the development of an appropriate trial-like record, and denied the plaintiffs' motion without prejudice. /ppThey added that they reached no conclusion on the merits of the plaintiffs' allegations that the Civil Union Act violates their constitutional rights./p |
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Wis. justices uphold ex-Jesuit priest's conviction
Law Firm News |
2010/07/20 08:52
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pThe Wisconsin Supreme Court has upheld a sexual abuse conviction of a former Jesuit priest who claimed he was falsely accused./ppIn a 7-0 ruling on Tuesday, justices ruled that Donald McGuire's prosecution 36 years after he allegedly abused two teenage boys in the 1960s was fair./ppMcGuire, a former spiritual adviser to Mother Teresa and her religious order of nuns, argued the delay hurt his ability to defend himself. Justices disagreed./ppThe men came forward in 2003 to report they were abused by McGuire during trips to a cottage in Fontana, Wis. in 1967 and 1968. At the time, McGuire taught the boys at the Loyola Academy in Wilmette, Ill./ppMcGuire was convicted on five counts of indecent behavior with a child. He is serving a 25-year prison term on separate, federal charges.
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Goldman profit slides on SEC charge, revenue drops
Legal World News |
2010/07/20 08:52
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pGoldman Sachs Group Inc. said Tuesday its second-quarter net income dropped 83 percent to $453 million as its trading revenue fell and it booked a charge for its settlement of civil fraud charges with the Securities and Exchange Commission./ppThe company's revenue fell short of expectations and helped send the stock market falling. Goldman followed IBM Corp. and Texas Instruments Inc., which late Monday reported revenue that disappointed investors./ppGoldman's stock dropped $1.89 to $143.79 in morning trading./ppGoldman took a $550 million charge to cover the cost of the settlement with the SEC that was announced last week. Earnings were also reduced by a one-time, $600 million charge tied to a new tax on bonuses in Britain./ppExcluding the one-time costs, net income after payment of dividends on preferred stock came to $2.75 per share, easily topping the $2.08 analysts forecast. Analysts typically exclude one-time charges from their estimates./ppRevenue fell 36 percent to $8.84 billion, short of the $8.94 billion predicted by analysts./ppThe drop in revenue that a number of companies have reported is unnerving investors, who see it as a sign that the economic recovery is stalling. Banks, however, have their own revenue issues. Goldman's trading revenue fell along with that of competitors including JPMorgan Chase amp; Co. and Bank of America Corp. that were hit hard by the spring plunge in the stock market. The drop in their revenue is adding to investors' concerns about how new federal regulations will affect banks' ability to profit from trading operations.
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