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Tag: Securities Fraud

Former Enron Chief Executive Skilling Could Have Prison Sentenced Reduced

Steve Neavling
ticklethewire.com 

The Justice Department is working on a deal that would reduce the prison sentence of former Enron Chief Executive Jeffrey K. Skilling, the Los Angeles Times reports.

Skilling was convicted of insider trading, securities fraud and conspiracy, among other charges, in 2006.

His attorney has been trying to overturn the conviction ever since.

“The Department of Justice is considering entering into a sentencing agreement with the defendant in this matter,” according to a Justice Department note, the LA Times reported. “Such a sentencing agreement could restrict the parties and the Court from recommending, arguing for, or imposing certain sentences or conditions of confinement.”

It’s unclear how much the sentencing would be shortened, if agreed to by a judge, the LA Times wrote.

Twitter, Facebook Help FBI Track Down Next Wave of Securities Fraud


 
Steve Neavling
ticklethewire.com

 Agents searching for securities fraud rely heavily on social media such as Twitter and Facebook to find inside traders, Reuters reports.

Agents said inside traders use advances in technology and social media to communicate.

“I will tell you technology will play a huge part, social media, Twitter. Any kind of technology that is new and doesn’t exist today, if there is any way to exploit it, these individuals will exploit it,” April Brooks, a special agent in charge of the New York field office of the FBI, told Reuters.

The investigation of insider trading, called “Operation Perfect Hedge,” has netted more than 60 convictions, Reuters reported.

Va. U.S. Atty. Wants to Run With the Big Dogs in Securities Fraud Crack Down

german shephard
By Allan Lengel
ticklethewire.com

WASHINGTON – Is the U.S. Attorney’s Office in Alexandria, Va., trying to run with the big dogs in New York in the area of securities fraud?

A Wall Street Journal report gives a resounding Yes to that question.

The paper’s Law Blog reports that U.S. Attorney Neil MacBride of Virginia “is assembling a new, investigative task force of federal, state and local entities to crack down on financial crime and securities fraud. He has hired several new prosecutors to focus on white-collar crime—and is targeting high-profile cases.”

“We’re stepping up our game, working in close partnership with the Securities and Exchange Commission and others to really make a push to focus on significant, national-impact securities-fraud cases,” Mr. MacBride told the Journal.

The Journal says the Virginia office can claim jurisdiction over such cases because the Securities and Exchange Commission data base is located in Alexandria, “meaning every publicly traded company technically files their accounts in his district.”