Rikers Island

Justice Served Up June 25 2014

Wed, 2014-06-25 06:29 -- walt
U.S. Department of Homeland Security Official ...

U.S. Department of Homeland Security Official Seal Websafe Colors (Photo credit: Wikipedia)

Here is what we are reading today:

Fmr Federal Homeland Security Agent Sentenced For "Fake Badge For Discount" Scam (Buffalo News) - A man who admitted posing as a federal agent to get a hotel discount was sentenced Monday by U.S. District Judge Richard J. Arcara to four months in prison.  William Cuva, an agent who was terminated by the U.S. Department of Homeland Security in February 2013, had previously pleaded guilty to falsely impersonating a federal agent. He admitted using his law enforcement background to acquire a $39-a-night discount while staying at an Olean hotel for 23 days after his termination.

Lawyers Can Now Look Through Jurors Social Media Sites (UPI) - Lawyers will now be able to examine the social media sites of potential and active jurors to evaluate them for jury favorability and conduct.  The American Bar Association's committee on ethics and responsibility announced the decision after jurors discussed trials and proceedings on social media. The ABA said it can be used as a tool to vet potential jurors.  Friend me!!

Rikers Island Raid Focuses On Corrections Officers (NY Post) - Investigators conducted a massive raid on Rikers Island on Monday, looking for weapons, drugs and other contraband — focusing on correction officers’ lockers and break rooms, sources said.  A dozen guards could face criminal charges in the first-of-its-kind search of the George Motchan Detention Center, authorities said.  The raid began in the afternoon and continued into the evening. It was part of a larger investigation to root out corruption after complaints that guards supply inmates with drugs and weapons.

Fmr BP Engineer Kurt Mix To Face 2nd Trial in Auguts (Bayou Buzz) -  A former BP engineer whose obstruction-of-justice conviction was overturned this month by a federal judge in New Orleans is slated to be tried for a second time in August for deleting a string of text messages in an alleged effort to hamper the government’s criminal investigation of the 2010 Deepwater Horizon disaster.  Kurt Mix, who lives in Texas, was the first of five defendants to stand trial in connection with the BP Gulf of Mexico oil spill.

Businessman Gets 4 Years Prison In Navy Bribery Scam (FCPA Blog) - The co-founder and former president of a government contracting company was sentenced Monday to 48 months in prison for conspiracy to bribe public officials.    Roderic J. Smith, who pleaded guilty in March, was also ordered to forfeit $175,000.



Justice Served Up August 3, 2012

Fri, 2012-08-03 07:49 -- walt

Anthony Scolaro Leaving Courthouse in ManhattanFormer Diamondback Manager Gets Probation (Forbes) - Anthony Scolaro received a hot stock tip from a friend, healthcare portfolio manager Franz Tudor, that Axcan was going to be taken over by a private equity firm in 2007.  Two years later, the FBI stopped Scolaro and asked "sup with that".  Scolaro soon began cooperation with the FBI and recorded conversations of other friends in the business.  Now the feds are chasing and cuffing those guys while Scolaro goes home to his wife and kids.  The judge gave him 3 years probation.

Insider Trader Arrested at Bristol-Myers (Bloomberg) - Robert Ramnarine, a Bristol Myers Squibb executive, was arrested yesterday for making over $300,000 on trades based on information made available to him as a company insider (not publicly available).  On some of the projects he worked on for the company he was asked to evaluate the capital structure impact that the acquisition would have on the company .... he then went out and bought shares of the company that BMY was looking to acquire.   One Google search Ramnarine did from his office was, "can stock option be traced to purchase inside trading."  This past July Ramarine was promoted to assistant treasurer for capital markets at BMY.

Private Prisons Cash In on Illegal Immigrant Incarceration (FOX News) - One growing profit center for Corrections Corporation of American and GEO, the two largest private prison companies in the U.S.,  is the mass incarceration of illegals that are awaiting deportation.  The Federal Bureau of Prisons signed contracts of varying lengths with private prison companies for $5.1 billion to hold more than 23,000 criminal immigrants.  In GEO's 2011 3rd quarter earnings call, CFO Brian Evans told investors "Another factor driving growth ... for the private sector is in the area of immigration and illegal immigration specifically."

Goldman Sachs Invests in Reducing Prison Recidivism (NY Times) - Making money doing things that benefit society is to be applauded.  New York is experimenting with "social impact bonds".  Under the plan Goldman Sachs will provide $9.6 million loan to pay for a new 4-year program intended to reduce the rate at which adolescent men incarcerated at Rikers Island reoffend after their release.  Through a social services provider that will oversee training of inmates, if recidivism falls by 10% then Goldman will be repaid its $9.6 million loan ... if something less then it will lose as much as $2.4 million.  The hope is to let the private sector do something more than just profit from incarceration (see article above).


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