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In the Courts
Ohio Man Receives Downward Booker Variance
An Ohio man was sentenced to serve one year and one day in prison for insider trading despite an advisory guideline sentence of 30-to-37 months' imprisonment. See United States v. Cole, No. 08-CR-327, 2008 WL 5204441 (N.D. Ohio Dec. 11, 2008). Robert G. Cole pled guilty to securities fraud in violation of 15 U.S.C. ” 78(j)(b) and 78(ff). The basis for Cole's lenient sentence was discussed at length in the court's sentencing opinion. U.S. District Court Judge James S. Gwin cited several reasons for imposing the non-guideline sentence, including the defendant's age (66 years), his prior decorated service in the army in the Vietnam war, and his community service. The court also identified other mitigating circumstances. After considering all relevant sentencing factors set forth in 18 U.S.C. ' 3553(a), the court concluded that “imprisonment, combined with an $180,000 fine, acts as a greater deterrent to others similarly situated to Cole than a thirty-month prison term.” The court noted that the $180,000 fine it imposed on Cole constituted approximately 20% of Cole's net worth and was appropriate for Cole's crime, which the court found was committed out of greed.
The DOJ's Corporate Enforcement Policy: One Year Later
The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.
The DOJ's New Parameters for Evaluating Corporate Compliance Programs
The parameters set forth in the DOJ's memorandum have implications not only for the government's evaluation of compliance programs in the context of criminal charging decisions, but also for how defense counsel structure their conference-room advocacy seeking declinations or lesser sanctions in both criminal and civil investigations.
Use of Deferred Prosecution Agreements In White Collar Investigations
This article discusses the practical and policy reasons for the use of DPAs and NPAs in white-collar criminal investigations, and considers the NDAA's new reporting provision and its relationship with other efforts to enhance transparency in DOJ decision-making.
A Lawyer's System for Active Reading
Active reading comprises many daily tasks lawyers engage in, including highlighting, annotating, note taking, comparing and searching texts. It demands more than flipping or turning pages.
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.