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Compliance Hotline

By ALM Staff | Law Journal Newsletters |
September 01, 2003

General Counsel First to Be Indicted for Fraud

The Justice Department has issued its first-ever securities fraud indictment of a corporate general counsel. The U.S. Attorney's Office in San Francisco alleges that Jay Lapine, the former HBO & Co. General Counsel, actively participated in a fraud to deceive investors by assisting health care company, McKesson Corp., in designing and executing an elaborate plan to artificially increase revenues (sometimes by as much as 500%) prior to a merger. When the scheme was revealed, the combined company's market value plunged $9 billion in a single day.

Securities Class Actions Dismissed

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