Law.com Subscribers SAVE 30%
Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.
Business Crimes Hotline
CALIFORNIA
Epson Imaging Devices Pleads Guilty to Price Fixing
Epson Imaging Devices Corporation (“Epson”) recently pleaded guilty to participating in a conspiracy to fix the prices of Thin Film Transistor-Liquid Crystal Display (“TFT-LCD”) panels.
Epson, known as Sanyo Epson Imaging Devices Corporation at the time, allegedly participated in a conspiracy with certain Japanese co-conspirators to fix prices of the TFT-LCD screens that it sold to Motorola for use in mobile phones. Epson then allegedly exchanged information on sales and issued price quotations in line with the agreed upon pricing in an effort to monitor the agreement.
The government filed a one-count felony charge against Epson in U.S. District Court in San Francisco. As part of its plea agreement, Epson will pay a $26 million criminal penalty and has agreed to cooperate with the continuing investigation.
Epson's plea is part of a broad investigation by the DOJ and the FBI into this market. In December 2008, Sharp Corporation and LG Display Company pleaded guilty to conspiracies to fix prices. LG was sentenced to pay a $400 million fine while Sharp was sentenced to pay a $120 million fine.
In January 2009, Chunghwa Picture Tubes Ltd. pleaded guilty for its role in a conspiracy and was sentenced to pay a $65 million fine. In May 2009, Hitachi Displays Ltd. pleaded guilty to a price-fixing conspiracy and was sentenced to pay a $31 million fine. The government has also charged nine executives.
Pacific Consolidated Executive Pleads Guilty to Bribery
Leo Winston Smith, former director of sales and marketing for Pacific Consolidated Industries LP (“Pacific”), pleaded guilty to a conspiracy to bribe a UK Ministry of Defense official and obstruction of the administration of the internal revenue laws.
The government alleged that Smith participated in a conspiracy to obtain contracts with the UK Royal Air Force in exchange for the bribes. Pacific manufactures equipment, such as air separate units and nitrogen concentration trolleys, that it sold primarily to government defense departments. The government claimed that Smith, in conjunction with Pacific's president, paid more than $70,000 in bribes through a false marketing agreement between Pacific and one of the UK official's relatives. In return for these payments, Pacific obtained contracts from the Ministry of Defense.
The matter was originally referred to the DOJ after Pacific was acquired by investors, who disclosed their findings and cooperated in the government's investigation. Previously, Martin Eric Self, the former president of Pacific, pleaded guilty to two counts of violating the Foreign Corrupt Practices Act (“FCPA”) and was sentenced to two years of probation. In addition, the UK official implicated pleaded guilty to accepting more than $300,000 in bribes and will serve two years in prison in the UK. Smith will be sentenced on Dec. 18, 2009 and faces a maximum of eight years in prison.
NEW YORK
Chairman and CEO of Mayfair Capital Group Charged with Fraud
The FBI arrested Stephen R. Green, Chairman and CEO of Mayfair Capital Group, LLC (“Mayfair”), on charges of securities fraud and wire fraud.
The government claims that Green obtained institutional investments through false representations that defrauded one client of $2.75 million. Specifically, the government alleges that Green initially convinced an institutional investor to provide Mayfair with $1 million for investment in a new group he claimed would be investing in restaurant franchises. Green allegedly later obtained an additional $1 million by falsely claiming that another entity had invested $18 million in the venture and assuring the original investor that an additional $1 million was the only way to avoid dilution. Green also convinced the same institution to invest $750,000 in a venture that would be investing in Copal Partners L.P. Green falsely claimed that he had invested $250,000 and Mayfair had invested $1 million. Green, however, never made any investment in Copal Partners and never obtained any shares in that business.
The government has charged Green with two counts of securities fraud and two counts of wire fraud.
CALIFORNIA
Epson Imaging Devices Pleads Guilty to Price Fixing
Epson Imaging Devices Corporation (“Epson”) recently pleaded guilty to participating in a conspiracy to fix the prices of Thin Film Transistor-Liquid Crystal Display (“TFT-LCD”) panels.
Epson, known as Sanyo Epson Imaging Devices Corporation at the time, allegedly participated in a conspiracy with certain Japanese co-conspirators to fix prices of the TFT-LCD screens that it sold to Motorola for use in mobile phones. Epson then allegedly exchanged information on sales and issued price quotations in line with the agreed upon pricing in an effort to monitor the agreement.
The government filed a one-count felony charge against Epson in U.S. District Court in San Francisco. As part of its plea agreement, Epson will pay a $26 million criminal penalty and has agreed to cooperate with the continuing investigation.
Epson's plea is part of a broad investigation by the DOJ and the FBI into this market. In December 2008, Sharp Corporation and LG Display Company pleaded guilty to conspiracies to fix prices. LG was sentenced to pay a $400 million fine while Sharp was sentenced to pay a $120 million fine.
In January 2009, Chunghwa Picture Tubes Ltd. pleaded guilty for its role in a conspiracy and was sentenced to pay a $65 million fine. In May 2009, Hitachi Displays Ltd. pleaded guilty to a price-fixing conspiracy and was sentenced to pay a $31 million fine. The government has also charged nine executives.
Pacific Consolidated Executive Pleads Guilty to Bribery
Leo Winston Smith, former director of sales and marketing for Pacific Consolidated Industries LP (“Pacific”), pleaded guilty to a conspiracy to bribe a UK Ministry of Defense official and obstruction of the administration of the internal revenue laws.
The government alleged that Smith participated in a conspiracy to obtain contracts with the UK Royal Air Force in exchange for the bribes. Pacific manufactures equipment, such as air separate units and nitrogen concentration trolleys, that it sold primarily to government defense departments. The government claimed that Smith, in conjunction with Pacific's president, paid more than $70,000 in bribes through a false marketing agreement between Pacific and one of the UK official's relatives. In return for these payments, Pacific obtained contracts from the Ministry of Defense.
The matter was originally referred to the DOJ after Pacific was acquired by investors, who disclosed their findings and cooperated in the government's investigation. Previously, Martin Eric Self, the former president of Pacific, pleaded guilty to two counts of violating the Foreign Corrupt Practices Act (“FCPA”) and was sentenced to two years of probation. In addition, the UK official implicated pleaded guilty to accepting more than $300,000 in bribes and will serve two years in prison in the UK. Smith will be sentenced on Dec. 18, 2009 and faces a maximum of eight years in prison.
Chairman and CEO of Mayfair Capital Group Charged with Fraud
The FBI arrested Stephen R. Green, Chairman and CEO of Mayfair Capital Group, LLC (“Mayfair”), on charges of securities fraud and wire fraud.
The government claims that Green obtained institutional investments through false representations that defrauded one client of $2.75 million. Specifically, the government alleges that Green initially convinced an institutional investor to provide Mayfair with $1 million for investment in a new group he claimed would be investing in restaurant franchises. Green allegedly later obtained an additional $1 million by falsely claiming that another entity had invested $18 million in the venture and assuring the original investor that an additional $1 million was the only way to avoid dilution. Green also convinced the same institution to invest $750,000 in a venture that would be investing in Copal Partners L.P. Green falsely claimed that he had invested $250,000 and Mayfair had invested $1 million. Green, however, never made any investment in Copal Partners and never obtained any shares in that business.
The government has charged Green with two counts of securities fraud and two counts of wire fraud.
This premium content is locked for Entertainment Law & Finance subscribers only
ENJOY UNLIMITED ACCESS TO THE SINGLE SOURCE OF OBJECTIVE LEGAL ANALYSIS, PRACTICAL INSIGHTS, AND NEWS IN ENTERTAINMENT LAW.
- Stay current on the latest information, rulings, regulations, and trends
- Includes practical, must-have information on copyrights, royalties, AI, and more
- Tap into expert guidance from top entertainment lawyers and experts
Already a have an account? Sign In Now Log In Now
For enterprise-wide or corporate acess, please contact Customer Service at [email protected] or 877-256-2473
Major Differences In UK, U.S. Copyright Laws
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
The Article 8 Opt In
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
Strategy vs. Tactics: Two Sides of a Difficult Coin
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
Legal Possession: What Does It Mean?
Possession of real property is a matter of physical fact. Having the right or legal entitlement to possession is not "possession," possession is "the fact of having or holding property in one's power." That power means having physical dominion and control over the property.
The Stranger to the Deed Rule
In 1987, a unanimous Court of Appeals reaffirmed the vitality of the "stranger to the deed" rule, which holds that if a grantor executes a deed to a grantee purporting to create an easement in a third party, the easement is invalid. Daniello v. Wagner, decided by the Second Department on November 29th, makes it clear that not all grantors (or their lawyers) have received the Court of Appeals' message, suggesting that the rule needs re-examination.