English: Official portrait of United States Attorney General Eric Holder EspaÃ±ol: Retrato oficial de Fiscal General de los Estados Unidos Eric Holder (Photo credit: Wikipedia)
Here is what we are reading today:
Bank Of America Settles SEC Case In Case Of $4 Billion Accounting Error (DealBook) - Bank of America has agreed to pay $7.65 million to settle federal charges that it violated record keeping and internal rules in overstating its capital levels. The Securities and Exchange Commission said the bank had failed for years to properly deduct losses on a large portfolio of structured notes and other financial instruments that it acquired when it bought Merrill Lynch in early 2009.
Eric Holder's Mixed Bag On White-Collar Crime (DealBook) - Eric H. Holder Jr.’s last year as attorney general was marked by multibillion-dollar settlements with big banks for their role in fueling the boom in subprime mortgages. They were a long-awaited response to the financial crisis but came after precious few prosecutions of corporate executives. In looking at Mr. Holder’s legacy in white-collar crime cases, the pursuit of corporations, especially banks, stands out.
Eric Holder Blew It As Attorney General (The Week) - The best thing about Eric Holder's time as the U.S. attorney general was that he was the first one in decades to really care about civil rights. The worst thing was, well basically everything else. Holder, who yesterday announced his resignation as attorney general, isn't a bad synecdoche for the Obama administration. The first black attorney general, by all accounts a committed liberal with a special concern for civil rights, was also the guy who rubber-stamped the NSA's dragnet surveillance program and the CIA's assassination of American citizens. He prosecuted neither Bush-era torturers nor any of the thousands of high-level Wall Street fraudsters from the financial crisis (save one).
Lawyer Charged With Paying To Get Clients (NY Post) - Three criminal defense attorneys paid a court employee to funnel criminal clients their way, Manhattan prosecutors said Monday.â Lawyers Dwane Smith, Benjamin Yu and Jae Lee were each indicted on bribery charges for allegedly paying a court staffer to funnel cases their way, Manhattan DA Cy Vance announced Monday. Also charged was paralegal Jose Nunez, 47, who acted as a liaison between the lawyers and the court employee. The four men allegedly paid a Criminal Justice Agency employee, who interviews defendants prior to their arraignment, more than $40,000 for steering potential clients to Lee, Yu and Smith, according to court papers.
Man Indicted For Submitting False Invoices To Maine Town (WABI.tv) - A Vermont man convicted of wire fraud for submitting false invoices to a Maine town faces a court conference next month prior to his sentencing. A judge convicted Craig Sanborn in May and he faces up to 20 years in prison and a $250,000 fine. His case is scheduled for an Oct. 6 pre-sentencing conference, and he could be sentenced within a month.
FBI Invents Fake Defendant To Catch Corrupt Judge (NY Post) - To catch a Philadelphia municipal judge they suspected of corruption, FBI agents invented a defendant — complete with a staged arrest and court appearances. Court documents from Judge Joseph Waters Jr.’s guilty plea Wednesday to federal mail and wire fraud charges include details of the bogus arrest of a man named David Khoury for illegally carrying an unloaded Glock .40-caliber pistol during a 2012 traffic stop, The Philadelphia Inquirer reported.
An Interview With A White-Collar Wife (RichardBistrong.com) - My good friend Richard Bistrong had a revealing and fascinating look at the affects of white-collar crime on the family. In a compelling Q&A with the ex-wife of a white-collar offender (Lisa Lawler), we see that the white-collar acts leave a long trail of destruction. GREAT JOB!