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Rajat Gupta convicted of conspiracy and insider trading

Porter Wright Morris & Arthur LLP
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USA
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June 15 2012

Rajat Gupta, the former Managing Director of McKinsey & Company and board member at Goldman Sachs and Procter & Gamble, was convicted on four of six counts by a federal jury in New York today for providing nonpublic material information to Raj Rajaratnam in 2008

And then there were none... the last U.S. defendant in the Carson FCPA case enters into plea agreement

Porter Wright Morris & Arthur LLP
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USA
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June 15 2012

On June 14, 2012, David Edmonds, the sole remaining U.S. defendant in the Carson FCPA case entered into a plea agreement

Stanford sentenced to 110 years in prison for his role in Ponzi scheme

Porter Wright Morris & Arthur LLP
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USA
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June 14 2012

This afternoon, Judge David Hittner sentenced R. Allen Stanford to 110 years in prison for his decades-long Ponzi scheme that bilked investors of over $7 billion

Supreme Court grants cert to determine if plaintiff must prove materiality before certifying class in securities fraud class action

Porter Wright Morris & Arthur LLP
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USA
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June 12 2012

On Monday, June 11, 2012, the Supreme Court granted a Writ of Certiorari in Amgen, Inc. v. Connecticut Retirement Plans and Trust Funds, No. 11-1085 (U.S. Jun. 11, 2012) to decide whether, in a misrepresentation case under SEC Rule l0b-5, the court must require proof of materiality before certifying a plaintiff class based on the fraud-on-the-market theory (and whether the court must allow the defendants to present evidence rebutting the applicability of the fraud-on-the-market theory before certifying the class

New Jersey judge sentences lawyer who pled guilty to a record-length twelve years for insider trading - longer than Raj Rajaratnam

Porter Wright Morris & Arthur LLP
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USA
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June 5 2012

On Monday, June 4, 2012, New Jersey Federal Judge Katharine Hayden sentenced Matthew Kluger (a former associate at several prominent law firms) to twelve years in prison for his role in a insider trading scheme

The SEC v. Citigroup appeal: SEC and Citigroup file their briefs explaining why Judge Rakoff's opinion should be vacated

Porter Wright Morris & Arthur LLP
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USA
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May 17 2012

On Monday, May 14, 2012, both the SEC and the Citigroup Global Markets, Inc. filed their appellate briefs in the three consolidated appeals regarding Judge Jed Rakoff's November 28, 2011 Opinion and Order rejecting the SEC's proposed settlement with Citigroup

DOJ returns $44 million from former CEO Joseph Nacchio to investors of Qwest

Porter Wright Morris & Arthur LLP
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USA
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May 4 2012

Prosecutors and the SEC work quite vigorously to recover ill-gotten gains from those who have committed securities fraud, with the ultimate goal of compensating investors

Judge Rakoff issues opinion in civil Gupta case explaining why he will not compel the SEC to produce documents relating to settlement negotiations

Porter Wright Morris & Arthur LLP
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USA
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May 2 2012

In a Memorandum Order entered on May 1, 2012, Judge Jed Rakoff formally denied a motion to compel by Rajat Gupta and Raj Rajaratnam, who were seeking an order that the SEC produce documents concerning settlement negotiations between the Commission and cooperating witnesses

SEC files case against Chinese company for misrepresentations regarding the use of its IPO proceeds

Porter Wright Morris & Arthur LLP
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USA
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April 24 2012

On Monday, April 23, 2012, the SEC announced that it had filed a case against SinoTech Energy Limited, an oil field services company based in China, with intentionally misleading investors about the value of its assets and its use of $120 million in IPO proceeds

Ohio Supreme Court vacates lower court decision which limited the ability of the director of the Ohio Department of Commerce to recover proceeds from a Ponzi scheme

Porter Wright Morris & Arthur LLP
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USA
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April 12 2012

In a per curiam Opinion issued this morning, the Ohio Supreme Court ruled that the beneficiaries of life insurance policies purchased by Roy Dillabaugh, who operated a Ponzi scheme, did not have standing to appeal a trial court's order which ruled that that the Director of the Ohio Department of Commerce ("the Director") was entitled to seek recovery of the insurance premiums paid for life insurance policies, but not the entire amount paid out under the policy

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